The bank agreed to plead guilty to charges that it violated the Bank Secrecy Act in federal court in New Jersey last week. TD also settled a number of civil investigations by the U.S. Treasury’s Financial Crimes Enforcement Network, the Federal Reserve and the Office of the Comptroller of the Currency.
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According to prosecutors, TD Bank’s U.S. unit failed to uphold proper anti-money laundering controls for almost a decade, from 2014 to 2023, during which time prosecutors said numerous criminal enterprises were able to transact through the bank. This included a Chinese drug trafficking group that bribed bank employees and was ultimately able to launder more than $470 million in cash linked to the sale of fentanyl and other illegal drugs, as well as another money laundering scheme that sent tens of millions of dollars to Colombia.
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“TD Bank created an environment that allowed financial crime to flourish,” Garland said. “By making its services convenient for criminals, it became one.”
I hope no one indeed will be “off limits” in the criminal investigation, let’s see…