TD Bank guilty of money laundering

Two US subsidiaries of Canada’s second largest bank agreed last week Paying $3 billion in fines, pleading guilty to conspiring to launder money in the United States and giving the bank a major black eye.

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U.S. regulators imposed an asset cap and other business restrictions, unusual moves that underscore the seriousness of the violations.

Bank executives joked The U.S. Justice Department said it was money laundering and failed to maintain controls to prevent criminals from using the bank during an aggressive expansion in the United States.

The bank allowed a criminal based in Queens, New York, David Szeto move more than $470 million through TD over three years, depositing large amounts of money into accounts opened by other people. Size bribed Bank officials while laundering proceeds from drugs and other illegal activities.

The bank’s decades-long failure to uncover illegal activities raises questions about the quality of oversight by its board, The Globe and Mail wrote on Wednesday.

TD CEO Bharat Masraniwho has announced plans to retire next year, called the plea “a sad day in our history.”

The dramatic failure of TD in the United States makes it clear See experts and long-standing deficiencies in Canada’s regulatory system regarding money laundering.