TD Bank fined $3B by US authorities in money-laundering case

TD Bank became the largest bank in U.S. history to plead guilty to violating a federal law aimed at preventing money laundering, and agreed to pay over $3 billion in penalties to resolve the charges, government authorities said on Thursday.

The plea deal, which includes a rare imposition of an asset cap and other business limitations, arises from multiple government investigations into what authorities described as pervasive issues. TD Bank shares fell almost 5 per cent on Thursday afternoon.

For years, TD ignored red flags from high-risk customers and created a “convenient” environment for bad actors to exploit, the government said. In one example, authorities said TD Bank facilitated over $400 million in transactions to launder funds on behalf of people selling fentanyl and other deadly drugs. TD is Canada’s second biggest bank and the 10th largest in the U.S.

Nivrita Ganguly discusses the details with Global News’ Amandalina Letterio.

#GlobalNews #TD #MoneyLaundering

[mikeohagan]

Don't worry, they have already taken it out of your accounts. using service charges.

[upslsd]

We have truly become a state that tolerates criminality at the highest levels, making it unsurprising that global disdain towards us grows. When institutions designed to uphold integrity instead facilitate wrongdoing, it reflects poorly on our nation and erodes the trust of the international community...

[MegaTcarr]

Nice they made $10 billion in profit. Pay a 3 billion, collect 7 billion 😉

[guyincognito]

What did the Canadian government know and when did they know it?

[whatdoyouwantfromme]

" Canadian Banks crooks" 😑👎 get ready for TD Bank service fees increase Even higher 😑👎🙏

[robertgloeden]

TD Bank is Offering Stock Options to The Cartels if They put More Cash in The Bank to offset The Fines

[shawnb]

How about jail time for those involved? Ohhhh right, you have to buy justice

[bobinabuddy]

make them close the doors because you know it isn’t going to stop them EVER

[lastChang]

Why should Canadian TD Bank pay fine for illegal actions of Chinese 🇨🇳 nationals and Fentanyl?

[ArabicReja]

Chinese criminals brought large bags of cash, containing millions of dolars from Fentanyl sale, into TD branches in New York and New Jersey to transfer the money.
- The bank employees who accepted the cash spoke with them in Mandarin.

[TBA-zvqt]

TD will get all sort of tax credits from Justinder. Big banks are too big to fail in Canada!

[speroskoufis]

This needs to be a terrorist issue too many people have died from fentanyl for it to be a regular problem

[monklast]

They gonna raise your bank fees to pay for their fines.

[justadildeau]

Couldn't find a Canadian to report the news

[YouriCarma]

This is not the first time banksters have been caught with this. Fraud is banksters business model and where me and you go to prison they simply can pay it off and continue their wicked ways.

[Stevareno]

TD will probably leave the Banking sector and let Isurance cover any cash they cannot get out.

[FayDougall]

I would not deal with TD bank . I've known a lot of people who dealt with them. If you go to take money out of Your account they want to know what you're going to do with it . They are sticking there noses in the little guy's business but when it comes to criminal activity they turn a blind eye

[holmesey]

that Tim Hortons accent 😩 Cant stand it! As soon as she starts talking I change channels

[jeepstuff]

You don’t think they are allowing in Canada as well?

[akhomraven]

Why Global News reports things atleast 1-2 days after an incident occurs! It’s a stale news now.