TD Bank, one of the most prominent financial institutions in the country, is said to have huge fee of 3 billion USD to pay the government. Earlier this year, the bank was said to have been found guilty of failing to “properly monitor the money laundering activities of drug cartels”.
Currently, Shade room News reporter AB Burns-Tucker are cracking down on the money laundering case on ‘TSR Newz.’
More Details on TD Bank’s Alleged Drug Money Laundering Program
According to Burns-Tucker, the charges against TD Bank assert that the institution has allowed drug cartels to “channel” money through the facility since 2014. The facility recently pleaded guilty to violating the Act Bank Security.
Furthermore, according to Burns-Tucker, TD Bank is the first financial institution to plead guilty to a Money Laundering Conspiracy Violation.
“By making its service convenient for criminals, it has become one,” Attorney General Merrick Garland confirmed this in a recent press conference.
According to Burns-Tucker, TD Bank did not put in place adequate restrictions to prevent money laundering. CNN reports that thanks to this, from 2018 to 2024, the three institutions were able to transfer “more than $670 million through TD Bank accounts.”
Additionally, the agency reported that company employees allegedly received gift cards worth more than $57,000. This was allegedly used to “process over $470 million in deposits from a money laundering network”.
Furthermore, gift cards are said to ensure employees will continually withdraw their deposits. And avoid recording them in financial statements.
“This is a difficult chapter in our banking history,” The bank’s CEO, Bharat Masrani, shared in a statement. “…We have accepted full responsibility for the failures of the United States [anti-money laundering] program and are making the investments, changes and improvements necessary to deliver on our commitments.”
Scroll above to watch AB Burns-Tucker detail how the government plans to monitor TD Bank’s operations as it moves forward. In addition, the host also shared about how to pay TD’s huge fee.
RELATED: VP Kamala Harris steps in with Justin Carter to discuss how she will deliver for black men | TSR Newz
What do you think Roomies?
