It is the largest bank ever to plead guilty to money laundering in the United States.
The Department of Justice (DOJ) came to a $3 billion agreement with TD Bank after the financial institution pled guilty to multiple counts of money laundering conspiracies, becoming the largest bank in U.S. history to do so.
From at least 2013 to 2023, TD Bank flagrantly failed to uphold an effective anti-money laundering program, facilitating many criminal activities. These were such well-known shortcomings that bank employees often referenced them in internal conversation and jokes, and five employees even engaged in their own money-laundering scheme to funnel millions of dollars to Colombia.
“TD Bank created an environment that allowed financial crime to flourish,” Attorney General Merrick Garland said. “By making its services convenient for criminals, it became one.”
As the Lord Leads, Pray with Us…
- For discernment for Attorney General Merrick Garland as he heads the DOJ.
- For U.S. officials as they seek to enforce banking laws and prosecute financial crimes.
Sources: AP News, Newsweek
