CNMV suspends Banco Madrid’s activities

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Spain’s regulator CNMV has suspended Banco Madrid’s fund management activities and a new fund manager is being sought to take care of them, the local trade press has revealed.

The regulator’s decision follows ongoing investigations on Banca Privada Andorra (BPA), a parent company of Banco Madrid, due to allegations of money laundering being filed by the US Treasury earlier in March.

While BPA is accused of channeling money to Chinese, Russian and Venezuelan criminal gangs, Banco Madrid, which has some 15,000 clients and 21 offices throughout Spain, had its funds suspended by the CNMV which said they are doing all they can to rescue the Spanish lender.

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