Toronto-Dominion Bank's guilty plea and $3.1 billion in fines highlight its failure to prevent money laundering, marking the largest such penalty in US banking history.
Attorney General Merrick Garland described TD Bank's negligence, stating, 'By making its services convenient for criminals, TD Bank became one,' emphasizing a profit-driven approach over legal compliance.
Prosecutors pointed out that for over a decade, TD Bank failed to address suspicious activities, violating the Bank Secrecy Act and demonstrating severe deficiencies in its anti-money-laundering efforts.
The bank's involvement in a money laundering scheme facilitating fentanyl trafficking underscores the serious consequences of its systemic weaknesses, with bank users expressing alarming indifference to illegal activities.
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