TD Bank to pay $3 billion in money laundering scheme

Oct 11, 2024

Lauren Taylor Anchor/Reporter

By Lauren Taylor (Anchor/Reporter), Jodie Hawkins (Senior Video Producer ), Emma Stoltzfus (Video Editor/Producer)

Multinational company Toronto-Dominion Bank (TD Bank) is on the hook to pay $3 billion in fines after it pleaded guilty in a massive money laundering scheme on Thursday, Oct. 10. Around $1.8 billion will go to the Justice Department, and $1.3 billion will go to the Treasury Department.

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Federal officials said more than $670 million was funneled through TD Bank accounts by criminal drug cartels over the past six years.

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In one instance, money launderers bribed bank workers with $57,000 worth of gift cards to not report their deposits. Investigators say TD Bank failed to monitor 90% of its transactions, pointing to a huge lack of oversight.

CEO of TD Bank Ray Chun issued an apology and said they will make the necessary changes to ramp up money laundering surveillance efforts.

Tags: Banking, Banks, Drug cartels, Drug smuggling, Drugs, Investigation, Merrick Garland, Money

Lauren Taylor

TORONTO-DOMINION BANK, COMMONLY KNOWN AS T-D BANK IS IN THE CROSSHAIRS OF THE U-S JUSTICE DEPARTMENT.

THE MULTI-NATIONAL COMPANY IS ON THE HOOK TO PAY 3 *BILLION* DOLLARS IN FINES AFTER PLEADING GUILTY IN A MASSIVE MONEY-LAUNDERING SCHEME.

ONE-POINT-EIGHT BILLION WILL GO TO THE JUSTICE DEPARTMENT AND ONE-POINT-THREE BILLION WILL GO TO THE TREASURY DEPARTMENT.

FEDERAL OFFICIALS SAY MORE THAN 670 MILLION DOLLARS WAS FUNNELED THROUGH T-D BANK ACCOUNTS BY CRIMINAL DRUG CARTELS OVER THE PAST SIX YEARS.

IN ONE INSTANCE, MONEY LAUNDERERS BRIBED BANK WORKERS WITH 57-THOUSAND DOLLARS WORTH OF GIFT CARDS TO NOT REPORT THEIR DEPOSITS.

“TD Bank became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures and the first bank in history to plead guilty to conspiracy to commit money laundering.”

INVESTIGATORS SAY T-D BANK FAILED TO MONITOR 90 PERCENT OF ITS TRANSACTIONS – POINTING TO A HUGE LACK OF OVERSIGHT.

THE C-E-O OF T-D BANK ISSUED AN APOLOGY … SAYING THEY WILL MAKE THE NECESSARY CHANGES TO RAMP UP MONEY-LAUNDERING SURVEILLANCE.

FOR SAN I’M … LAUREN TAYLOR.

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