Big Trouble for a Big Bank
The 10th-largest bank in the US, TD Bank, is facing a whopping $3.1 billion fine after admitting to a major money laundering scheme. This is a historic moment, as TD Bank is the first bank in American history to plead guilty to conspiracy to commit money laundering.
What Went Wrong?
Prosecutors say TD Bank turned a blind eye to trillions of dollars in suspicious transactions, making it easy for drug traffickers and other criminals to move their dirty money around the globe. They even allowed criminals to walk into branches and literally dump piles of cash on the counters in broad daylight!
Inside Job?
Things got even worse when it was discovered that some TD Bank employees were actively helping criminals move money, accepting bribes in exchange for their cooperation.
Ignoring the Red Flags
Despite warnings from their own staff and regulators, TD Bank failed to fix their procedures for years. They chose profits over following the law, and now they’re paying a hefty price.
The Investigation Continues
The US Attorney General Merrick Garland has made it clear that the investigation isn’t over yet. He’s warned that anyone involved in TD Bank’s illegal activities will be held accountable.
