Toronto Dominion Bank Under Investigation by the US Department of Justice

937Views 0Comments Posted 07/06/2024

Fines against Toronto-Dominion Bank tied to US money-laundering probes may total $4 billion following fresh allegations involving the lender, Jefferies Financial Group analysts warned—double previous estimates of the potential impact on the Canadian bank. TD is under investigation by the US Department of Justice, bank regulators and the Treasury Department over allegations of financial crimes at several of the bank’s US branches. A now-departed TD branch employee in Florida took a series of $200 bribes to help clients move millions of dollars to Colombia by skirting anti-money-laundering defenses, prosecutors alleged. In another recent case, a former branch employee in New York admitted to bypassing the bank’s compliance measures to defraud a customer.