TD Bank is facing significant challenges following its agreement to pay a historic $1.8 billion settlement over money laundering violations. The bank's lax practices allowed vast sums related to international crime to flow through its system. As a result, it has filed to close multiple branches across the U.S., including six in Massachusetts. This decision comes alongside a leadership shakeup and pay cuts for executives. Although the bank reported impressive earnings last year, it must now navigate the fallout from its compliance failures.
TD Bank is undergoing branch closures as it contends with hefty penalties arising from its failure to curb money laundering practices.
The bank filed to close 37 locations nationwide after a historic $1.8 billion penalty for its anti-money laundering compliance failures.
Assistant Attorney General Nicole Argentieri stated that the bank's failures allowed money laundering networks to exploit its system for nearly a decade.
This has prompted a leadership shift and substantial pay cuts for executives, even as TD Bank reported substantial earnings last year.
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