Might not belong in here, as my assumption is that the laundered proceeds went well beyond cannabis, but.....
From DRCNet.org
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Country's 10th Largest Bank Pleads Guilty to Bank Secrecy Act and Money Laundering Conspiracy Violations in $1.8B Resolution. The 10th largest bank in the United States, TD Bank, and its parent company TD Bank US Holding Company (TDBUSH) pleaded guilty Thursday and agreed to pay over $1.8 billion in penalties to resolve the US Attorney's Office for the District of New Jersey and the Justice Department's investigation into violations of the Bank Secrecy Act (BSA) and money laundering.
The bank pleaded guilty in a New Jersey federal district court to conspiring to fail to maintain an anti-money laundering program that complies with the BSA, failing to file accurate Currency Transaction Reports (CTRs), and money laundering.
"TD Bank prioritized growth and convenience over following its legal obligations. As a result of staggering and pervasive failures in oversight, it willfully failed to monitor trillions of dollars of transactions -- including those involving ACH transactions, checks, high-risk countries, and peer-to-peer transactions -- which allowed hundreds of millions of dollars from money laundering networks to flow through the bank, including for international drug traffickers. The bank was aware of these risks and failed to take steps to protect against them, including for two networks prosecuted in New Jersey and elsewhere -- one that dumped piles of cash on the bank's counters and another that allegedly withdrew amounts from ATMs 40 to 50 times higher than the daily limit for personal accounts," said US Attorney for the District of New Jersey Phillip Sellinger.
"By making its services convenient for criminals, TD Bank became one," said Attorney General Merrick B. Garland. "Today, TD Bank also became the largest bank in US history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering. TD Bank chose profits over compliance with the law -- a decision that is now costing the bank billions of dollars in penalties. Let me be clear: our investigation continues, and no individual involved in TD Bank's illegal conduct is off limits."
As part of the plea agreement, TD Bank has agreed to forfeit $452,432,302.00 and pay a criminal fine of $1,434,513,478.40, for a total financial penalty of $1,886,945,780.40. TD Bank has also agreed to retain an independent compliance monitor for three years and to remediate and enhance its AML compliance program.
Attorney General Garland threatened possible criminal prosecution, but that has not happened yet. That is not the case for people accused of federal drug offenses, who are routinely prosecuted and imprisoned -- not just fined -- for their crimes.
From DRCNet.org
--------------------------------------------------------
Country's 10th Largest Bank Pleads Guilty to Bank Secrecy Act and Money Laundering Conspiracy Violations in $1.8B Resolution. The 10th largest bank in the United States, TD Bank, and its parent company TD Bank US Holding Company (TDBUSH) pleaded guilty Thursday and agreed to pay over $1.8 billion in penalties to resolve the US Attorney's Office for the District of New Jersey and the Justice Department's investigation into violations of the Bank Secrecy Act (BSA) and money laundering.
The bank pleaded guilty in a New Jersey federal district court to conspiring to fail to maintain an anti-money laundering program that complies with the BSA, failing to file accurate Currency Transaction Reports (CTRs), and money laundering.
"TD Bank prioritized growth and convenience over following its legal obligations. As a result of staggering and pervasive failures in oversight, it willfully failed to monitor trillions of dollars of transactions -- including those involving ACH transactions, checks, high-risk countries, and peer-to-peer transactions -- which allowed hundreds of millions of dollars from money laundering networks to flow through the bank, including for international drug traffickers. The bank was aware of these risks and failed to take steps to protect against them, including for two networks prosecuted in New Jersey and elsewhere -- one that dumped piles of cash on the bank's counters and another that allegedly withdrew amounts from ATMs 40 to 50 times higher than the daily limit for personal accounts," said US Attorney for the District of New Jersey Phillip Sellinger.
"By making its services convenient for criminals, TD Bank became one," said Attorney General Merrick B. Garland. "Today, TD Bank also became the largest bank in US history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering. TD Bank chose profits over compliance with the law -- a decision that is now costing the bank billions of dollars in penalties. Let me be clear: our investigation continues, and no individual involved in TD Bank's illegal conduct is off limits."
As part of the plea agreement, TD Bank has agreed to forfeit $452,432,302.00 and pay a criminal fine of $1,434,513,478.40, for a total financial penalty of $1,886,945,780.40. TD Bank has also agreed to retain an independent compliance monitor for three years and to remediate and enhance its AML compliance program.
Attorney General Garland threatened possible criminal prosecution, but that has not happened yet. That is not the case for people accused of federal drug offenses, who are routinely prosecuted and imprisoned -- not just fined -- for their crimes.
