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.
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.
