{"id":57744,"date":"2024-10-10T13:44:21","date_gmt":"2024-10-10T20:44:21","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=57744"},"modified":"2024-10-10T13:44:21","modified_gmt":"2024-10-10T20:44:21","slug":"td-bank-the-10th-largest-u-s-bank-agreed-to-pay-over-1-8-billion-to-settle-allegations-of-failing-to-monitor-18-3-trillion-in-customer-activity","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=57744","title":{"rendered":"TD Bank, the 10th Largest U.S. Bank, Agreed to Pay Over $1.8 Billion to Settle Allegations of Failing to Monitor $18.3 Trillion in Customer Activity"},"content":{"rendered":"<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><strong>WASHINGTON\u00a0<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-15190 alignright\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2015\/09\/FDIC-300x226.jpg\" alt=\"\" width=\"356\" height=\"268\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2015\/09\/FDIC-300x226.jpg 300w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2015\/09\/FDIC-45x35.jpg 45w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2015\/09\/FDIC.jpg 452w\" sizes=\"auto, (max-width: 356px) 100vw, 356px\" \/>TD Bank N.A. (TDBNA), the 10th largest U.S. 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 settle a Justice Department investigation into violations of the Bank Secrecy Act (BSA) and money laundering.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">TDBNA admitted to conspiring to neglect anti-money laundering (AML) requirements, failing to submit accurate Currency Transaction Reports (CTRs), and laundering money. TDBUSH admitted to causing TDBNA&#8217;s failures in maintaining an AML program and filing accurate CTRs.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">\u201cBy making its services convenient for criminals, TD Bank became one,\u201d said Attorney General Merrick B. Garland. \u201cToday, TD Bank also became the largest bank in U.S. 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 \u2014 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\u2019s illegal conduct is off limits.\u201d<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"JUST IN: AG Merrick Garland, DOJ Officials Hold A Briefing To Announce Legal Actions Against TD Bank\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/f4nO-C9O1p8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">The settlement is part of a coordinated effort with the Federal Reserve, the Treasury Department\u2019s Office of the Comptroller of the Currency (OCC), and the Financial Crimes Enforcement Network (FinCEN).<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-57151\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2024\/08\/bank_fraud_1722642885.jpg\" alt=\"\" width=\"1\" height=\"1\" \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0TD Bank N.A. (TDBNA), the 10th largest bank in the United States, and its parent company TD Bank US Holding Company (TDBUSH) (together with TDBNA, TD Bank) pleaded guilty today and agreed to pay over $1.8 billion in penalties to resolve the Justice Department\u2019s investigation into violations of the Bank Secrecy Act (BSA) and money laundering.\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">TDBNA pleaded guilty to conspiring to fail to maintain an anti-money laundering (AML) program that complies with the BSA, fail to file accurate Currency Transaction Reports (CTRs), and launder money. TDBUSH pleaded guilty to causing TDBNA to fail to maintain an AML program that complies with the BSA and to fail to file accurate CTRs.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">TD Bank\u2019s guilty pleas are part of a coordinated resolution with the Board of Governors of the Federal Reserve Board (FRB), as well as the Treasury Department\u2019s Office of the Comptroller of the Currency (OCC) and Financial Crimes Enforcement Network (FinCEN).<\/span><\/p>\n<div class=\"flex max-w-full flex-col flex-grow\" style=\"text-align: center;\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"4d56697e-fcb7-4f85-821d-bba162be404f\" data-message-model-slug=\"gpt-4o\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert dark\">\n<p><span style=\"font-size: 20px;\">The Justice Department&#8217;s resolution with TD Bank considered several factors, including the seriousness and extent of the offenses, which led the bank to become a preferred choice for money laundering organizations, processing hundreds of millions in illicit transactions. <\/span><\/p>\n<p><span style=\"font-size: 20px;\">While TD Bank did not voluntarily disclose its misconduct, it earned partial credit for cooperating with the investigation and making ongoing improvements to its AML program. <\/span><\/p>\n<p><span style=\"font-size: 20px;\">However, the bank did not receive full credit because it failed to promptly report relevant AML issues during the investigation. <\/span><\/p>\n<p><span style=\"font-size: 20px;\">The bank&#8217;s limited cooperation and remediation efforts as a result resulted in a 20% reduction in the overall criminal penalty.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"TD got caught in money laudering scandal: portfolio manager\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/LBvxnaoEKMM?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">\u201cFor years, TD Bank starved its compliance program of the resources needed to obey the law. Today\u2019s historic guilty plea, including the largest penalty ever imposed under the Bank Secrecy Act, offers an unmistakable lesson: crime doesn\u2019t pay \u2014 and neither does flouting compliance,\u201d said Deputy Attorney General Lisa Monaco. \u201cEvery bank compliance official in America should be reviewing today\u2019s charges as a case study of what not to do. And every bank CEO and board member should be doing the same. Because if the business case for compliance wasn\u2019t clear before \u2014 it should be now.\u201d<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">\u201cFor nearly a decade, TD Bank failed to update its anti-money laundering compliance program to address known risks.\u00a0As bank employees acknowledged in internal communications, these failures made the bank an \u2018easy target\u2019 for the \u2018bad guys.\u2019 These failures also allowed corrupt bank employees to facilitate a criminal network\u2019s laundering of tens of millions of dollars,\u201d said Principal Assistant Attorney General Nicole M. Argentieri, head of the Justice Department&#8217;s Criminal Division.\u00a0\u201cU.S. financial institutions are the first line of defense against money laundering and illicit finance.\u00a0When they participate in crime rather than prevent it, we will not hesitate to hold them accountable to the fullest extent of the law.\u201d\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">\u201cTD Bank prioritized growth and convenience over following its legal obligations,\u201d said U.S. Attorney Philip R. Sellinger for the District of New Jersey. \u201cAs a result of staggering and pervasive failures in oversight, it willfully failed to monitor trillions of dollars of transactions \u2013 including those involving ACH transactions, checks, high-risk countries, and peer-to-peer transactions \u2013 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 \u2013 one that\u00a0dumped piles of cash on the bank\u2019s counters and another that allegedly withdrew amounts from ATMs 40 to 50 times higher than the daily limit for personal accounts.\u201d<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">From January 2014 to October 2023, court documents reveal that TD Bank had persistent and widespread deficiencies in its U.S. anti-money laundering (AML) policies, procedures, and controls but failed to take corrective action. Instead, senior executives imposed a strict budget policy, known internally as the \u201cflat cost paradigm,\u201d which prevented any budget increases year-over-year, despite the bank\u2019s growing profits and risk levels during that time. While TD Bank&#8217;s AML program seemed adequate on paper, it had significant and widespread flaws that made the bank an &#8220;easy target&#8221; for financial criminals.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Over the past decade, TD Bank&#8217;s federal regulators and internal audit team repeatedly flagged issues with its transaction monitoring program, a crucial part of an effective anti-money laundering (AML) system for detecting and reporting suspicious activity. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">However, from 2014 to 2022, the program remained largely unchanged, failing to address known deficiencies, emerging money laundering risks, or the bank&#8217;s new products and services. For years, TD Bank chose not to properly fund or staff its AML program, delaying or canceling necessary projects in favor of maintaining a &#8220;flat cost paradigm&#8221; and prioritizing the &#8220;customer experience.&#8221;<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">During this period, TD Bank deliberately chose not to automatically monitor a significant portion of its transactions, including most domestic automated clearinghouse (ACH) transactions, check activities, and other types, leaving 92% of all transaction volume unmonitored between January 1, 2018, and April 12, 2024\u2014about $18.3 trillion in total. From at least 2014 to late 2022, the bank did not introduce new monitoring scenarios or make significant changes to existing ones. It also launched new products like Zelle without ensuring proper monitoring, failed to adequately track transactions linked to high-risk countries, instructed branches to stop reporting suspicious customers, and allowed over $5 billion in activity in accounts slated for closure.<\/span><\/p>\n<p style=\"text-align: center;\"><strong><span style=\"font-size: 20px;\">The documents noted the following allegations:<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"font-size: 20px;\">TD Bank\u2019s anti-money laundering (AML) failures made it easy for criminals, as its employees noted.<\/span><\/li>\n<li><span style=\"font-size: 20px;\">These failures allowed three money laundering networks to transfer over $670 million through TD Bank accounts between 2019 and 2023.<\/span><\/li>\n<li><span style=\"font-size: 20px;\">One network laundered more than $470 million from January 2018 to February 2021 by making large cash deposits into nominee accounts. The operators gave employees over $57,000 in gift cards to keep processing the transactions. Despite suspicious cash deposits exceeding $10,000, required reports did not identify the individuals conducting the transactions.<\/span><\/li>\n<li><span style=\"font-size: 20px;\">From March 2021 to March 2023, a high-risk jewelry business moved nearly $120 million through shell accounts before the bank reported the suspicious activity.<\/span><\/li>\n<li><span style=\"font-size: 20px;\">In a third scheme, funds were deposited in the U.S. and quickly withdrawn using ATMs in Colombia. Five TD Bank employees helped the network by issuing dozens of ATM cards, facilitating the laundering of approximately $39 million.<\/span><\/li>\n<li><span style=\"font-size: 20px;\">The Justice Department has charged over two dozen individuals, including two bank insiders, in connection with these schemes.<\/span><\/li>\n<li><span style=\"font-size: 20px;\">Under its plea agreement, TD Bank must continue cooperating with ongoing investigations into the individuals involved.<\/span><\/li>\n<li><span style=\"font-size: 20px;\">Under the plea agreement, TD Bank will forfeit $452.4 million and pay a criminal fine of $1.43 billion, totaling nearly $1.89 billion in penalties.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"> The bank has also agreed to hire an independent compliance monitor for three years and improve its AML compliance program. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Additionally, TD Bank has reached separate agreements with the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Financial Crimes Enforcement Network (FinCEN), with $123.5 million of the forfeiture credited toward the Federal Reserve&#8217;s settlement.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">The investigation involved the IRS Criminal Investigation, the Federal Deposit Insurance Corporation Office of Inspector General, and the Drug Enforcement Administration.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Trial Attorneys D. Zachary Adams and Chelsea R. Rooney of the Criminal Division\u2019s Money Laundering and Asset Recovery Section (MLARS) and Assistant U.S. Attorneys Mark J. Pesce and Angelica Sinopole for the District of New Jersey prosecuted the case.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON\u00a0 TD Bank N.A. (TDBNA), the 10th largest U.S. bank, and its parent company, TD Bank US Holding Company (TDBUSH), pleaded guilty Thursday and agreed to pay over $1.8 billion in penalties&#8230;<\/p>\n","protected":false},"author":1,"featured_media":57745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-57744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TD Bank, the 10th Largest U.S. Bank, Agreed to Pay Over $1.8 Billion to Settle Allegations of Failing to Monitor $18.3 Trillion in Customer Activity<\/title>\n<meta name=\"description\" content=\"WASHINGTON\u00a0 TD Bank N.A. 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