by Jack Davis, The Gateway Pundit:
One of America’s major banks has been hit with a massive fine after federal investigators said it was lax in its efforts to monitor money laundering.
TD Bank will pay $1.89 billion to the Department of Justice, $123.5 million to the Federal Reserve Board, and $450 million to the Office of the Comptroller of the Currency, according to the consent order between the federal government and the bank.
The bank must also pay $757 million to the Department of the Treasury’s Financial Crimes Enforcement, referred to in the consent order as FinCEN.
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The penalty is a record, according to CNN. It reported that the Department of Justice said TD Bank had “long-term, pervasive, and systemic deficiencies” so that between January 2018 and April 2024, more than 90 percent of accounts were not monitored, enabling “three money laundering networks to collectively transfer more than $670 million through TD Bank accounts.”
“From fentanyl and narcotics trafficking, to terrorist financing and human trafficking, TD Bank’s chronic failures provided fertile ground for a host of illicit activity to penetrate our financial system,” Deputy Secretary of the Treasury Wally Adeyemo said.
The investigation was triggered by federal agents’ discovery that Chinese criminals bribed bank employees and laundered millions from selling fentanyl through TD branches in New York and New Jersey, according to the Wall Street Journal.
The consent order said that the bank failed to properly implement 2013 orders from FinCEN after it was linked to Ponzi scheme activity.
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