TD Bank, one of the country’s most prominent financial institutions, reportedly has a hefty fee of US$3 billion pay the government. Earlier this year, the bank was reportedly found guilty of failing to “adequately monitor money laundering by drug cartels.”
Now, The Shadow Room News Correspondent A. B. Burns-Tucker is unraveling money laundering bust in ‘TSR Newz.’
More details on TD Bank’s alleged drug-related money laundering scheme
According to Burns-Tucker, the allegations against TD Bank state that the institution has allowed drug cartels to “funnel” money through the bank since 2014. The bank recently pleaded guilty to the Bank Secrecy Act.
Additionally, according to 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 has become one,” Attorney General Merrick Garland reportedly said at a recent press conference.
According to Burns-Tucker, TD Bank did not implement adequate 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 allegedly used to “process more than $470 million in cash deposits from a money laundering network.”
Additionally, gift cards supposedly guaranteed that employees would continually cash in deposits. And avoid writing them down in financial reports.
“This is a difficult chapter in the history of our bank,” the bank’s CEO Bharat Masrani reportedly shared a statement. “…We take full responsibility for the failures of our US (anti-money laundering) program and are making the necessary investments, changes and improvements to meet our commitments.”
Scroll above to see AB Burns-Tucker details how the government plans to monitor TD Bank’s activity as the institution moves forward. Additionally, the host also shares how the hefty TD fee will be paid.
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What do you think, roommates?