Spanish police raid Chinese bank in money laundering probe

Spanish police searched offices of China's ICBC bank in downtown Madrid and arrested five people Wednesday as part of a money laundering and tax fraud probe.

The search of the Industrial and Commercial Bank of China is a follow-up to a 2015 police operation that targeted gangs using the bank to launder some $45 million in proceeds from running bargain stores across Spain.

Five bank directors were arrested, according to the police.

ICBC is accused of sending the funds to China without checking their origin, a step required by law.

Read more from The Associated Press.