Dutch banking giant ABN Amro reveals a criminal investigation around suspicious transactions

• Dutch banking giant ABN Armo is being investigated by the Dutch public prosecutor under an act meant to prevent money laundering and terrorism financing, according to a press release posted on the firm's website on Thursday.
• The investigation will be focused on whether the bank failed to check on clients and flag suspicious transactions, according to Bloomberg.
• The announcement adds to a growing list of pains for European banks, which have struggled in the face of negative interest rates and slowing growth.
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Another European firm is being investigated over alleged money laundering.

Netherlands-based banking giant ABN Armo announced in a press release on Thursday that the Dutch public prosecutor is investigating the lender under an act meant to prevent money laundering and terrorism financing. The bank said it "will cooperate fully with the investigation."

The probe will be focused on whether the bank failed to review clients' transactions and flag any suspicious activity, according to Bloomberg.

The dutch bank said in July that it planned to review the accounts for all of its 5 million retail customers following a warning from the country's central bank, Bloomberg reported.

ABN joins a swelling list of European Banks embroiled in money-laundering scandals. Deutsche Bank's headquarters was raided earlier this week by authorities looking for information relating to $220 worth of suspicious payments connected to Danske Bank, according to Reuters.

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ING Groep, ABN Armo's dutch rival, shelled out a record $900 million fine last year after prosecutors found the bank failed to identify criminal transactions.

The spreading money-laundering scandals also come as European banks are struggling to increase profits amid negative interest rates and lackluster economic growth.

ABN Armo did not respond for a request to comment by the time of publication.