TD Bank to pay $3 billion in money laundering scheme

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.

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.

The post TD Bank to pay $3 billion in money laundering scheme appeared first on Straight Arrow News .