TD Bank to pay $3 billion in fines in money-laundering case
TD Bank will pay a record $3 billion settlement after becoming the first big bank to plead guilty to money-laundering-related charges.
An investigation by the US Department of Justice found that many TD bank transactions have been unmonitored for nearly decade, totaling $18 trillion worth of activity.
That lack of oversight enabled criminals and cartel members to launder hundreds of millions of dollars at the bank, with ties to fentanyl and other narcotic sales, terrorist financing, and human trafficking. Prosecutors also said that the bank failed to look into suspicious activity even when it was flagged by employees, citing joking messages from workers such as “You guys really need to shut this down LOL.”
TD Bank is the fifth-largest US bank by assets and the second-largest in Canada. As part of the settlement, TD will be forced to limit business in the US, where it makes a nearly third of its earnings. The DOJ says the investigating is still ongoing.
TD Bank shares fell around 3% on the announcement.
That lack of oversight enabled criminals and cartel members to launder hundreds of millions of dollars at the bank, with ties to fentanyl and other narcotic sales, terrorist financing, and human trafficking. Prosecutors also said that the bank failed to look into suspicious activity even when it was flagged by employees, citing joking messages from workers such as “You guys really need to shut this down LOL.”
TD Bank is the fifth-largest US bank by assets and the second-largest in Canada. As part of the settlement, TD will be forced to limit business in the US, where it makes a nearly third of its earnings. The DOJ says the investigating is still ongoing.
TD Bank shares fell around 3% on the announcement.
