TD Bank hit with $3 billion fine over money laundering

WASHINGTON (NEXSTAR) – The Department of Justice announced TD Bank pleaded guilty and would pay $3 billion to settle charges related to money laundering by drug cartels.

U.S Attorney General Merrick Garland took to the podium on Thursday, to announce the massive fine.

“The United States will be imposing a total of approximately $3 billion against TD bank,” Garland said. “By making its services convenient for criminals, it became one.”

The DOJ says during a six-year span, TD Bank failed to monitor more than $18 trillion in customer activity. This allowed three money laundering networks to transfer hundred of millions of dollars

“TD Bank created an environment that allowed financial crime to flourish,” Garland said.

Garland says employees were well aware of the failures in TD Banks anti-money laundering systems, as people took advantage of it.

“In August 2020, one TD Bank store manager emailed another store manager and remarked, quote, ‘you guys really need to shut this down lol,” Garland said.

The DOJ says some employees also conspired with criminal organizations.

“To open and maintain accounts at the bank that were used to launder $39 million to Colombia, including drug proceeds,” Garland said.

TD Bank is cooperating with the DOJ, and in a statement the CEO, Bharat Masrani, said “This is a difficult chapter in our bank’s history.” He continued saying “The board has and continues to take action to address these failures and hold those responsible accountable.”

Garland says there is potential for future cases against specific individuals.

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