Toronto Dominion Bank, for the last decade greeted as just “TD” by criminals and others who used its services, has agreed to $3.5 billion fines and an indefinite assets cap (no growth in assets allowed) for having facilitated money-laundering, taken bribes, failed to monitor some $18.3 trillion in total transactions since 2014, and so on. The tenth-largest North American bank, with operations throughout the United States, it joins Wells Fargo Bank as actually having admitted to being criminal enterprises as well as giant banks, and getting the severe penalty, no new net assets, from U.S. regulators.
The U.S. Justice Department found that between 2019 and 2023 alone, old “TD” allowed three money-laundering rings to transfer more than $670 million through the bank. One criminal scam bribed TD officers and employees with “more than” $57,000 to help with the transactions. There were also other drug-money launderers who were afforded the means to launder millions through TD according to the U.S. Treasury’s Financial Crimes Enforcement Network, aka FinCEN.
