TD Bank, one of the most prominent financial institutions in the country, reportedly has a hefty $3 billion fee to pay to the government. Earlier this year, the bank was reportedly being found guilty of failing “to properly monitor money laundering by drug cartels.”
Now, The Shade Room’s News Correspondent A.B. Burns-Tucker is breaking down the money laundering bust on ‘TSR Newz.’
More Details On TD Bank’s Alleged Drug-Related Money Laundering Scheme
According to Burns-Tucker, the allegations against TD Bank assert that the institution allowed drug cartels to “funnel” money through the establishment since 2014. Recently, the establishment pled guilty to the Bank Secrecy Act.
Furthermore, per Burns-Tucker, TD Bank is the first financial institution to plead guilty to Money Laundering Conspiracy Violations.
“By making its services convenient for criminals, it became one,” Attorney General Merrick Garland reportedly asserted at a recent press conference.
According to Burns-Tucker, TD Bank failed to put in place proper restrictions to prevent money laundering. CNN reports that because of this, between 2018 and 2024, three organizations were able to funnel “more than $670 million through TD Bank accounts.”
Additionally, the outlet reports that the company’s employees allegedly received more than $57,000 in gift cards. This was reportedly used to “process more than $470 million in cash deposits from a money laundering network.”
Furthermore, the gift cards allegedly ensured employees would continuously cash the deposits. And refrain from noting them in financial reports.
“This is a difficult chapter in our bank’s history,” the bank’s CEO, Bharat Masrani, reportedly shared in a statement. “…We have taken full responsibility for the failures of our US [anti-money laundering] program and are making the investments, changes, and enhancements required to deliver on our commitments.”
Scroll above to watch as A.B. Burns-Tucker breaks down how the government plans to monitor the activity of TD Bank as the institution moves forward. Additionally, the host also shares how TD’s hefty fee will reportedly be paid.
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