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TD Bank is reportedly nearing a guilty plea regarding criminal charges alleging that its U.S. retail banking arm failed to curb money laundering, according to The Wall Street Journal. The alleged laundering activities are said to be connected to organized crime and illegal activities, including illicit fentanyl sales.
Canada’s second-largest bank is in discussions with U.S. federal prosecutors, and its U.S. retail operations may plead guilty in the coming weeks, sources familiar with the matter told the Journal.
Neither TD Bank nor the U.S. Department of Justice (DOJ) responded immediately to requests for comment from Reuters.
Regulatory Probes and AML Program Overhaul
In May, TD Bank revealed it had launched a comprehensive overhaul of its anti-money laundering (AML) programs both in the United States and internationally. The bank reported investments totaling over C$500 million (about $400 million) to address program remediation and enhance its AML platforms, as regulatory scrutiny mounted over its compliance measures in both Canada and the U.S.
U.S. authorities claim that TD Bank did not develop adequate systems to prevent money laundering effectively. According to The Wall Street Journal, TD's parent company has set aside over $3 billion to cover the potential costs of resolving U.S. government investigations, though the exact breakdown of what the funds cover is not specified.
DOJ Investigation and Laundering Operations
The DOJ initiated an investigation into TD Bank after discovering a major money-laundering scheme operating in New York and New Jersey, which reportedly funneled hundreds of millions of dollars in narcotics proceeds through TD Bank and other financial institutions. This report was first revealed in The Wall Street Journal in May.
TD Bank’s Response and Financial Preparations
TD Bank’s potential guilty plea could become one of the most significant actions against a financial institution for money laundering compliance issues in recent years. The case highlights U.S. federal authorities' concerns over the adequacy of major banks’ AML controls and their inadvertent facilitation of illegal activities.
In response to regulatory pressure, TD Bank has shown a commitment to enhancing its AML controls and setting aside financial reserves to address the associated costs of compliance and potential settlements.
($1 USD = 1.3512 CAD)
