TD Bank to Pay $3B in Money Laundering Settlement

Cheddar News

In a stunning turn of events, TD bank is set to cough up a whopping $3 billion to settle allegations of neglecting its duty to monitor money laundering.

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00:00In a stunning turn of events, TD Bank is set to cough up a whopping $3 billion to settle

00:05allegations of neglecting its duty to monitor money laundering linked to drug cartels.

00:12The hefty sum includes a record $1.3 billion penalty earmarked for the U.S. Treasury Department's

00:18Financial Crimes Enforcement Network.

00:21On top of that, TD plans to fork over an additional $1.8 billion to the U.S. Justice Department

00:27and will plead guilty to charges stemming from its violations of the Bank Secrecy Act.

00:32According to the Justice Department, TD Bank's practices had quote, long-term pervasive and

00:37systemic deficiencies.

00:39Alarmingly, over 90 percent of transactions went unmonitored from January 2018 to April

00:462024, allowing three money laundering networks to shuffle more than $670 million through

00:53TD accounts.

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