ER Editor: See also this from Reuters —
TD Bank to pay $3 billion, face asset cap to resolve US money-laundering probe
TORONTO/NEW YORK, Oct 10 (Reuters) – TD Bank <TD.TO> became the largest bank in U.S. history to plead guilty to violating a federal law aimed at preventing money laundering, and agreed to pay over $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 business limitations, arises from multiple government investigations into what authorities described as pervasive issues..TD Bank shares fell almost 5% on Thursday afternoon.For years, TD ignored red flags from high-risk customers and created a “convenient” environment for bad actors to exploit, the government said. In one example, authorities said, TD Bank facilitated over $400 million in transactions to launder funds on behalf of people selling fentanyl and other deadly drugs.
TD is Canada’s second biggest bank and the 10th largest in the U.S.
Presumably we’re looking at laundering proceeds not just from drug activity but human trafficking, too, and god knows what else. It’s curious that this news breaks around the time of P. Diddy, hurricanes producing flooding and shut down of theme parks, etc. as well as the election.
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Twitter reaction from Canadians, who are rightly outraged —
TD Bank illegally seized over $1.4 million of funds raised to support the Freedom Convoy, but had no problem taking Jeffrey Epstein as a client in 2019 and managing money derived from a child sex trafficking blackmail network. https://t.co/AN6sylRPXM https://t.co/YN6QxCU6Sf pic.twitter.com/PDVOsuvDqy
— PC (@pc_432) February 14, 2022
Think about this! TD BANK agrees to pay 3 billion in fines for laundering money for cartels! They laundered millions and millions for years for the cartel’s! They should be shut down completely! Cartels are responsible for child trafficking, fentanyl deaths and crime all…
— common sense (@joel_stango) October 11, 2024
Never forget the head of TD Canada Bharat Masrani wanted the list of Canadian ‘mischief makers’ so he could freeze their bank accounts and stated ‘I feel proud we were able to do this (freezing bank accounts) so quickly and effectively.’ @TD_Canada https://t.co/3xrAxD8Yvd pic.twitter.com/AMDUBR8JRu
— tanglefoot’s dailys 🇨🇦 (@KloetMichelle) October 11, 2024
🚨 #Bank Alert: FED About to Control the ENTIRE BANKING SYSTEM 👇 @TDBank_US committed one of the largest known multiple #felonies for a #bank in #American history which includes conspiring to violate the #BSA (Bank Secrecy Act) and to commit money laundering. It’s the largest… pic.twitter.com/xzbEpHiNjV
— Richard Barry (@irishchink) October 11, 2024
BREAKING – SHOCKING – CRIMINAL ORGANIZATION: TD Bank (@TDBank_US) Pleads Guilty to Laundering Millions for Drug Cartels in Colombia: Justice Department Imposes $3 Billion Fine as Bank Employees Become Criminals Themselves, Using ATM Debit Cards to Take Their Cuts and Accept… pic.twitter.com/Mek7Lv6exG
— Simon Ateba (@simonateba) October 10, 2024
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TD Bank pleads guilty to violating anti-money laundering law
The US Department of Justice announced Thursday that TD Bank has pled guilty to violations of the Bank Secrecy Act for “willful failure to maintain an adequate anti-money laundering program.” The guilty plea acknowledges TD Bank’s fundamental failures to uphold its legal obligations and the harm caused to the public and the US financial system.
The bank has been fined a historic amount of over 3 billion dollars for its “prioritization of growth and customer experience over compliance.” As part of its plea deal, the bank agreed to undertake a systematic review of its anti-money laundering compliance program and establish policies and procedures for identifying and reporting money laundering. Additionally, it has also undertaken to be subject to an independent compliance monitor chosen by the US Treasury Department’s Financial Crimes unit.
The fine is payable to several US institutions: a $1.3 billion civil penalty with the US Treasury Department, Financial Crimes Enforcement Network; a $1.8 billion criminal penalty with the US Department of Justice; $123.5 million to the Federal Reserve Board; and $450 million to the Office of the Comptroller of Currency.
Attorney General Merrick B. Garland stated in a press release:
By making its services convenient for criminals, TD Bank became one. Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering. TD Bank chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties. Let me be clear: our investigation continues, and no individual involved in TD Bank’s illegal conduct is off limits.
TD Bank is the second largest bank in Canada, and over the last decade it has expanded into the US market to become the 10th largest in the US.
The guilty plea is the centerpiece of a broad series of legal actions the DOJ has taken to combat anti-money laundering. In addition to corporate accountability, the DOJ has successfully pursued individuals who used TD Bank for money laundering.
This fine and announcement from the DOJ are expected to signal other financial institutions to shore up their AML practices to prevent further harm to the public.
Source
Featured image source, TD Bank: https://www.forbes.com/sites/antoniopequenoiv/2024/10/10/td-bank-shares-slide-after-agreeing-to-3-billion-fine-in-money-laundering-case/
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Published to The Liberty Beacon from EuropeReloaded.com
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