New York Post
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TD Bank fined $3B for failing to prevent money laundering by drug cartels
Posted
October 10, 2024
Views
13,026
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196
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203
Engagement
3.06%
October 10, 2024
13,026
196
203
3.06%
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2:02Now PlayingTD Bank became the largest bank in US history to plead guilty to violating a federal law aimed at preventing money laundering, and agreed to pay $3 billion in penalties to resolve the charges, government authorities said on Thursday.
The plea deal, which includes a rare imposition of an asset cap and other limitations to its business, arises from multiple government investigations into what authorities described as pervasive issues at TD Bank. For years, the government said, TD ignored red flags from high-risk customers and created a “convenient” environment for bad actors to exploit.
Two units of the bank pleaded guilty to conspiring to launder money and conspiring to fail to file accurate reports or maintain a compliant anti-money laundering program, the Justice Department said.
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