You are currently viewing 10th-Largest US Bank Paying $3,100,000,000 Fine in Historic Admission of Guilt After Criminals ‘Dump Piles of Cash’ on Banks’ Counters

The 10th-largest bank in the US is preparing to pay a $3.1 billion fine after becoming the first in American history to plead guilty to conspiracy to commit money laundering.

TD Bank’s American-based unit has also admitted to violating the Bank Secrecy Act, and will hand $1.8 billion to the Department of Justice and $1.3 billion to the Financial Crimes Enforcement Network (FinCEN).

Prosecutors say the bank failed to properly track trillions of dollars in transactions, making it easy for drug traffickers and other criminals to move huge sums of cash to notoriously risky countries.

In some cases, even TD Bank employees helped criminals move money, accepting gifts in return for their cooperation.

Despite being warned by their own staff and regulators about the issues, the bank didn’t fix its procedures for years.

US Attorney Philip R. Sellinger for the District of New Jersey says the problems were so egregious, criminals were allowed to dump piles of cash onto the banks’ counters in broad daylight.

“As a result of staggering and pervasive failures in oversight, it willfully failed to monitor trillions of dollars of transactions – including those involving ACH transactions, checks, high-risk countries, and peer-to-peer transactions – which allowed hundreds of millions of dollars from money laundering networks to flow through the bank, including for international drug traffickers.

The bank was aware of these risks and failed to take steps to protect against them, including for two networks prosecuted in New Jersey and elsewhere – one that dumped piles of cash on the bank’s counters and another that allegedly withdrew amounts from ATMs 40 to 50 times higher than the daily limit for personal accounts.”

Attorney General Merrick Garland says the investigation not over yet.

“By making its services convenient for criminals, TD Bank became one…

TD Bank chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties. Let me be clear: our investigation continues, and no individual involved in TD Bank’s illegal conduct is off limits.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox



Check Price Action



Follow us on X, Facebook and Telegram



Surf The Daily Hodl Mix


&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post 10th-Largest US Bank Paying $3,100,000,000 Fine in Historic Admission of Guilt After Criminals ‘Dump Piles of Cash’ on Banks’ Counters appeared first on The Daily Hodl.