US Bank Pleads Guilty to Laundering Millions for Drug Cartels

$3 Billion in Fines Imposed

“TD Bank not only turned a blind eye to illegal financial activity but actively enabled it, creating an environment where criminals could launder millions of dollars with ease,” Simon Ateba, reports. “Shockingly, several bank employees themselves became complicit in these crimes, accepting bribes and facilitating illegal transactions.”

“Over $670 million in drug money, including proceeds tied to narcotics trafficking in Colombia, flowed through TD Bank accounts, all while the bank failed to enforce anti-money laundering measures.”

“The Justice Department’s historic $3 billion penalty and criminal charges reflect the severity of these systemic failures, marking TD Bank’s actions as some of the most egregious in U.S. financial history.”

Authorities said:

“TD Bank created an environment that allowed financial crime to flourish by making its services convenient for criminals.”

“This is the largest penalty ever under the Bank Secrecy Act and the first time the Justice Department has assessed a daily fine against a bank.”

“TD Bank knowingly made its services convenient for criminals, becoming the largest U.S. bank in history to plead guilty to money laundering.”

“TD Bank failed to monitor $18.3 trillion in customer activity, allowing three money laundering networks to transfer over $670 million.”

“The bank became complicit in laundering drug money to Colombia, including $39 million tied to narcotics trafficking.”

“Employees at many levels knew of illegal activity but failed to act, with one store manager remarking, ‘You guys really need to shut this down. Lol.'”

“Despite glaring red flags, the bank did not file a suspicious activity report until law enforcement alerted them to the money laundering.”

“TD Bank prioritized profits over compliance, leading to pervasive anti-money laundering failures over nearly a decade.”

“Criminal proceeds from drug trafficking and other illegal activities flowed freely through TD Bank, facilitated by employees who took bribes.”

“In one money laundering scheme, TD Bank employees conspired to open accounts used to transfer tens of millions of dollars in illicit funds to Colombia.”

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