U.S. attorney general Merrick Garland highlighted that TD Bank is the largest bank ever to plead guilty to Bank Secrecy Act failures, emphasizing the bank's convenience for criminals.
FinCEN remarked that TD Bank's $1.3 billion penalty is the largest ever against a depository institution in U.S. Treasury and FinCEN history, revealing the serious nature of the violations.
The DOJ noted that from 2014 to 2023, TD Bank exhibited long-term deficiencies in its AML policies yet failed to take necessary remedial actions to address these failures.
Despite appearing to have an adequate AML program, fundamental flaws allowed TD Bank to become an easy target for financial crime, resulting in massive unmonitored transactions.
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