Thousands of leaked documents from the Financial Crimes Enforcement Network were shared with hundreds of journalists, revealing how big banks have for years engaged with dirty money.
The investigation points in particular to five major banks - JPMorgan Chase, HSBC, Standard Chartered, Deutsche Bank and Bank of New York Mellon - accused of continuing to move assets of alleged criminals, even after being prosecuted or convicted for financial misconduct.
HSBC shares in Hong Kong fell by over 4% at one point and is now hovering under the $30 (£23.15) mark on Monday.
The Indian Express, along with 109 media organizations in 88 countries teamed with the International Consortium of Investigative Journalists (ICIJ) and BuzzFeed News and traced the Indian entities and banks named in these SARs filed with FinCEN between 1999 and 2017.
Deutsche Bank shares dropped 5% as its money laundering vulnerabilities were known by its top executives, according to the Buzzfeed report.
Also in 2019, German prosecutors indicted a 48-year-old former employee of Deutsche Bank as part of a probe into a massive tax evasion scam that's led to more than a dozen prosecutions.
Dutch media reported that an ING subsidiary in Poland had helped clients get suspect funds out of Russian Federation for several years.
The investigation, which was led by 108 global media outlets from 88 different countries, including the Irish Times and BBC Panorama, is based on thousands of suspicious activity reports (SARs) submitted by banks from around the world to the US Treasury Department's financial law enforcement agency, FinCEN (the US Financial Crimes Investigation Network).
Responding to the FinCen files, Deutsche Bank said, on its website, that "the ICIJ has reported on a number of historic issues".
"Law enforcement may sometimes request firms keep a client relationship ongoing to support further investigations", the group added.
HSBC told the investigation team it has always met its legal duties on reporting suspicious activities. In a statement Monday in response to the ICIJ report it said that "starting in 2012, HSBC embarked on a multi-year journey to overhaul its ability to combat financial crime across more than 60 jurisdictions". The bank also said it had "devoted significant resources to strengthening our controls", as well as focused on "meeting our responsibilities and obligations".
ING said it had stopped working with one of the suspected enterprises in 2018 and was preparing to cut off relations with a second.