TD Bank Pleads Guilty and Pays $3 Billion to Settle Money-Laundering Case

[ptatohed]

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.

https://www.nytimes.com/2024/10/10/business/td-bank-fine.html  

[AndySoCal]

The blatant disregard for banking regulations is unbelievable. There is reputational damage this will bring to the bank. If I had any type of banking, credit card or otherwise it would be closed ASAP. Thankfully I do not.

Edited to add: The more articles I read on this subject the more repulsive this bank becomes.  The sources of the money laundering (drug cartels and human trafficking ) and the amount of the money laundering.  I hope that all those that were involved are prosecuted to the full extent of the law. Those that knew about it and did nothing  should be banned from banking for life.
https://www.msn.com/en-us/money/personalfinance/nj-based-td-bank-fined-3b-for-allowing-drug-dealers-... 

[gdale6]

TD Bank pleads guilty, will pay $3 billion in fines (cnbc.com)

[Jeffster1]

 I don't profess to understand the intricacies of banking and banking technology but I will say that dealing with TD for 3 years always made me feel like they were kind of backwards in some of their practices. 

I just closed my savings and checking with them a couple weeks ago because I'm kind of done with them. I have two residences...one in NY (which is part of their geofenced area) and one in California. After over 3 years with them...with checking, savings and a credit card...they began giving me trouble about my California address. Even though I travel frequently between my two homes, I could not risk them freezing my accounts. I was planning on depositing a significant sum of money at some point in TD, but what if they suddenly denied me access while in California? I provided proof over and over of my NY address, but I kept getting flagged.

Long before my most recent problem with TD, they enrolled me in their voice print system over the phone in 2021. After speaking with TD a few times, suddenly their voice print system rejected my voice and no rep would speak to me. I was in California at the time and was told I needed to go in person to a TD branch. They offered no other option to verify I was me. Very frustrating and a little scary if you need access to your money. Fortunately, I did not, but that was enough for me. I told them to take the voice print off my account. I still feel very uneasy when calling them.

All I have left is a little TD Visa with a measly 5K CL and a Target store card. I will be dumping the TD Visa before long.

[AndySoCal]

The blatant disregard for banking regulations is unbelievable. I hope those involved in this are prosecuted to the fullest extent of the law. Anti money laundering is one of the pillars on which the banking system is built. If I were a customer and I am not I would close all my accounts (banking and  otherwise) and end the relationship with TD Bank.

The more I read on this subject the more repulsive this bank becomes to me. The article below describes the sources of the money thatvwas laundered.

https://www.msn.com/en-us/money/personalfinance/nj-based-td-bank-fined-3b-for-allowing-drug-dealers-... 

[AndySoCal]

I have expressed by feelings about this subject in the other thread. I am just providing additional information  for your review.

Amazing what gift cards can buy

https://www.msn.com/en-us/money/other/td-bank-hit-with-record-3-billion-fine-over-drug-cartel-money-... 

Money laundering the subject of jokes

https://www.msn.com/en-us/money/companies/njs-td-bank-pleads-guilty-to-us-charges-will-pay-3-billion... 

Office of comptroller cease and desist order

https://www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-116a.pdf 

[CreditCuriosity]

Pretty much all banks just can't resist various things to make money.  I can't think of a bank that hasn't been hit with something like this although Wells Fargo appears to have their hand in the cookie jar the most.

[AndySoCal]

TD Bank is the largest bank in history to plead guilty to Bank Secrecy Act and anti money laundering failures. The reputational damage that goes with it will be hard to calculate. Every audit that they go through the auditors will put everything under the microscope so to speak. Time will tell if there are more problems that will come to light. Also TD Bank also was fined for this in 2023

 https://www.cnn.com/2023/02/27/business/td-bank-ponzi-scheme-stanford-settlement/index.html

We will see how many years they spend under the scrutiny of the regulators.