5 Things to Know About the Record-Setting TD Bank Money Laundering Settlement
The TD Bank settlement is a historic event in many ways, including penalties from three different government entities. Read on to learn five high-value facts about the scandal.
Why TD Bank Is At The Center Of A Money Laundering Scandal
TD Bank is the biggest bank to plead guilty to Bank Secrecy Act violations. The Bank Secrecy Act which was enacted in 1970 to combat money laundering requires banks to establish and maintain programs that guard against money laundering.
TD Bank hit with $3B penalty in U.S. money laundering settlement
Attorney General Merrick Garland said the Canada-based bank “created an environment that allowed financial crime to flourish.”
TD Bank to pay $3 billion in historic money-laundering settlement with the Justice Department
TD Bank will pay $3 billion in a settlement with U.S. authorities who say the financial institution’s lax practices allowed significant money laundering.
TD Bank to pay $3 billion after breaking U.S. money laundering rules
TD Bank allowed money laundering networks to move more than $670 million through its accounts between 2019 and 2023, Justice Department says.
TD Bank pleads guilty to enabling money laundering and other crimes
As part of a deal, the TD Bank will pay more than $3 billion in fines for enabling drug traffickers and other criminals to open accounts and transfer money.
TD Bank Pleads Guilty and Pays $3 Billion to Settle Money-Laundering Case
TD Bank agreed to pay about $3 billion in fines to U.S. authorities and pleaded guilty on Thursday to money-laundering-related charges in a case brought by federal prosecutors, who said the Canadian bank made it “convenient” for criminals to open accounts, transfer funds and even deposit seven-figure sums of cash at its branches.
TD Bank guilty of money laundering
Two US subsidiaries of Canada’s second-biggest bank agreed last week to pay $3 billion US in fines, pleading guilty to conspiring to money laundering in the United States and giving the bank a huge black eye.
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