{"id":2353311,"date":"2024-10-10T16:34:00","date_gmt":"2024-10-10T20:34:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/td-bank-fined-3-billion-over-drug-cartel-money-laundering-washington-examiner\/"},"modified":"2024-10-10T16:35:52","modified_gmt":"2024-10-10T20:35:52","slug":"td-bank-fined-3-billion-over-drug-cartel-money-laundering-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/td-bank-fined-3-billion-over-drug-cartel-money-laundering-washington-examiner\/","title":{"rendered":"TD Bank fined $3 billion over drug cartel money laundering &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftd-bank-fined-3-billion-over-drug-cartel-money-laundering-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2353311&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Toronto-Dominion Bank (TD Bank) is facing significant\u2064 consequences following a major settlement related to its handling\u2064 of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-doj-accused-of-hiding-records-about-bias-in-hunter-biden-and-durham-probes\/\" title=\"Biden DOJ Accused of Hiding Records About Bias in Hunter Biden and Durham Probes\">money laundering activities<\/a>.\u200d The\u2064 bank is \u200dset to pay approximately\u2062 $3 \u200dbillion as part of a \u2062settlement with U.S. regulators after it plead guilty \u2062to charges linked \u2063to\u200c <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aoc-to-use-hunters-drug-abuse-as-defense-against-gop-probes\/\" title=\"AOC to Use Hunter&#039;s Drug Abuse as Defense Against GOP Probes\">money laundering violations<\/a>. This\u200c penalty consists of\u200d $1.3 billion \u200dto the Financial Crimes Enforcement Network \u2063(FinCEN) and $1.8 billion to the Justice\u200d Department for \u200bbreaching the Bank Secrecy\u200d Act.\u200b <\/p>\n<p>Following an investigation, it was revealed \u2064that TD Bank failed to monitor over 90% of\u2064 transactions between January 2018 and April 2024, facilitating three\u2062 money laundering networks that transferred more\u2062 than $670 million through its accounts. Notably, the investigation found that a\u2063 criminal \u200cassociated with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">drug trafficking<\/a>, identified only as &#8220;David,&#8221;\u2064 had interactions with\u2064 TD Bank employees, \u2063some of whom reportedly gained \u200bfinancially from aiding in these illicit \u2064activities.<\/p>\n<p>Deputy Treasury Secretary Wally Adeyemo highlighted\u2064 the severity of the\u2064 bank&#8217;s failures, stating that TD prioritized profit over legal compliance, resulting \u2064in real harm to communities in the U.S. This case marks\u200b a pivotal \u2063moment for the bank, which\u200c has reported its first quarterly loss in decades, largely\u200c attributed\u2062 to this ongoing issue and other operational challenges like extreme weather conditions. \u200b <\/p>\n<p>Moreover, TD Bank is anticipated \u200cto face restrictions on its growth in the U.S. as part of the settlement \u2062terms,\u2064 which could further impact its\u200b future \u2064operations.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">TD Bank fined $3 billion over drug cartel money laundering<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1759331\" class=\"tpd-featured-video bridtv\"><\/div>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/tag\/bank\/\" target=\"_blank\" rel=\"noopener\" title>TD Bank<\/a> will pay a $3 billion fine after pleading guilty to <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/money-laundering\/\" target=\"_blank\" rel=\"noopener\" title>money laundering<\/a>-related&nbsp;charges as federal prosecutors asserted the Canadian bank failed to adequately monitor signs of criminal activity.&nbsp;<\/p>\n<div class=\"article-paywall\">\n<p>Investigators from the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/justice-department\/\" target=\"_blank\" rel=\"noopener\" title>Department of Justice<\/a> found that TD Bank failed to monitor more than 90% of transactions between January 2018 and April 2024, thus enabling &ldquo;three money laundering networks to collectively transfer more than $670 million through TD Bank accounts,&rdquo; according to a legal filing.&nbsp;<\/p>\n<p>TD Bank will pay a record $1.3 billion to the U.S. Treasury Department&rsquo;s Financial Crimes Enforcement Network and also $1.8 billion to the Justice Department to settle its guilty plea of violating the Bank Secrecy Act.&nbsp;&nbsp;<\/p>\n<p>Investigators found that a criminal known as &ldquo;David&rdquo; was working closely with a number of TD Bank employees who profited from assisting him in his money laundering, which came from selling drugs, including <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/fentanyl\/\" target=\"_blank\" rel=\"noopener\" title>fentanyl<\/a>.&nbsp;<\/p>\n<p>&ldquo;I want to be clear, these systemic failures did not just create hypothetical vulnerabilities, but they resulted in actual, material harm to American citizens and communities,&rdquo; Deputy Treasury Secretary Wally Adeyemo said in a statement. &ldquo;Time and again, unlike its peers, TD Bank prioritized growth and profit over complying with the law. The bank enabled drug trafficking.&rdquo;<\/p>\n<p>In one case, the employees collected more than $57,000 worth of gift cards to process more than $470 million in cash deposits from a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/iran-plots-to-assassinate-ex-trump-official-biden-admin-resisting-public-indictments-due-to-iran-deal-hopes-report\/\" title=\"Iran Plots To Assassinate Ex-Trump Official, Biden Admin Resisting Public Indictments Due To Iran Deal Hopes: Report\">money laundering network<\/a>, and in return, they did not declare the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/money\/\" target=\"_blank\" rel=\"noopener\" title>money<\/a> in required reports, the Department of Justice said.<\/p>\n<p>As part of its settlement, TD Bank will be restricted in its financial growth and subjected to four years of monitoring by the Financial Crimes Enforcement Network.<\/p>\n<p><a href=\"http:\/\/washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title><strong><\/strong><\/a><\/p>\n<p>&ldquo;The vast majority of financial institutions have partnered with FinCEN to protect the integrity of the US financial system. TD Bank did the opposite,&rdquo; said Adeyemo. &ldquo;From fentanyl and narcotics trafficking, to <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/terrorism\/\" target=\"_blank\" rel=\"noopener\" title>terrorist<\/a> financing and human trafficking, TD Bank&rsquo;s chronic failures provided fertile ground for a host of illicit activity to penetrate our financial system.&rdquo;<\/p>\n<p>The Canadian Bank shared last year that it was being investigated by the Justice Department. Bracing for a large fine, the bank sold 40.5 million shares of Charles Schwab stock, reducing its ownership in the banking and brokerage company from 12% to a little over 10%.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1759331\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1759331\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TD Bank fined $3 billion for failing to prevent money laundering<\/p>\n","protected":false},"author":2542,"featured_media":2353312,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/10\/Treasury-Department-Wally-Adeyemo.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[42750,36435,32779,33963,42749],"class_list":["post-2353311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-drug-cartel","tag-financial-news","tag-legal-issues","tag-money-laundering","tag-td-bank"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/10\/Treasury-Department-Wally-Adeyemo.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2353311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2353311"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2353311\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2353312"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2353311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2353311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2353311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}