By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

Parami News

  • Home
  • Politics
  • India
  • World
  • Business
  • Entertainment
  • Regional
  • Sports
  • Web Stories
Search
© 2024 Parami News. All Rights Reserved.
Reading: TD Bank pleads guilty to money laundering violations, agrees to $3 billion penalty
Share
Sign In
Notification Show More
Font ResizerAa

Parami News

Font ResizerAa
Search
  • Home
  • Politics
  • India
  • World
  • Business
  • Entertainment
  • Regional
  • Sports
  • Web Stories
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Parami News > Blog > World > TD Bank pleads guilty to money laundering violations, agrees to $3 billion penalty
World

TD Bank pleads guilty to money laundering violations, agrees to $3 billion penalty

Atulya Shivam Pandey
Last updated: October 11, 2024 4:43 pm
Atulya Shivam Pandey
Share
5 Min Read
TD Bank pleads guilty to money laundering violations, agrees to  billion penalty
SHARE

[ad_1]

TD Bank pleads guilty to money laundering violations, agrees to $3 billion penalty
TD Bank (Picture credit: AP)

TD Bank has become the largest bank in US history to plead guilty to breaking federal money laundering laws. The bank has agreed to pay $3 billion in penalties, as announced by government officials on Thursday.
The bank admitted to conspiring to launder money and failing to file accurate reports or maintain a compliant anti-money laundering program. This led to over $18 trillion in customer activity going unmonitored for about ten years.US authorities reported that three money laundering networks were able to move illicit funds through the bank’s accounts.
Attorney general Merrick Garland said, “TD Bank chose profits over compliance in order to keep its costs down.” He stressed that bank employees “openly joked” about the lack of compliance on several occasions.
The bank now faces an asset cap and other business limitations. This cap, imposed by the Office of the Comptroller of the Currency (OCC), is a rare and severe measure. It restricts TD from opening new branches or entering new markets without OCC approval.
The $3 billion penalty will be distributed among the Justice Department, U.S. banking regulators, and the Treasury Department’s Financial Crimes Enforcement Network. This settlement resolves investigations by multiple federal agencies and includes independent monitoring of the bank.
Analysts had predicted that an asset cap could significantly affect TD Bank. Lemar Persaud of Cormark Securities noted that TD’s situation is similar to Wells Fargo, which also faced an asset cap due to a previous scandal. Persaud mentioned, “The TD probe has led to significant underperformance of the stock, and we believe, the retirement of the current CEO, Bharat Masrani.”
TD Bank is Canada’s second-largest bank and ranks tenth in the US. The bank began responding to regulatory inquiries last year, soon after it canceled a $13 billion acquisition of First Horizon. The investigation started when federal agents uncovered a Chinese criminal operation using TD branches to launder drug money.
TD has invested in strengthening its compliance programs and has fired numerous staff members in its US branches.
The bank recently appointed Ray Chun, its Canadian personal banking head, as the new CEO. CEO Bharat Masrani, in charge for nearly a decade and previously leading its US operations, will retire next year. Masrani has taken full responsibility for the bank’s compliance issues.



[ad_2]

Source link

You Might Also Like

Harry Meghan LA Fire Victims: Major outrage over Harry-Meghan’s visit to LA fire victims: ‘You are not royals…merely two nitwit celebrities’

Governor Newsom slashed $100m from fire budget months before devastating California fires

Nine persons killed in road accident in NW Pakistan

Majority of attacks on minorities in Bangladesh ‘not communally motivated’ but ‘political in nature’: Police report

Trump picks Bill Briggs as deputy administrator of US small business administration

TAGGED:$3 billion penaltyanti-money launderingasset capBharat Masranifinancial crimesFirst HorizonMerrick Garlandmoney launderingTD BankWells Fargo

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article Watch: Alia Bhatt shines at Durga Puja during ‘Jigra’ release | Hindi Film News

 | Parami News Watch: Alia Bhatt shines at Durga Puja during ‘Jigra’ release | Hindi Film News | Parami News
Next Article ‘When you make 550…’: Ollie Pope sympathises with Pakistan after England’s crushing win | Cricket News ‘When you make 550…’: Ollie Pope sympathises with Pakistan after England’s crushing win | Cricket News

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow

Latest News

‘My chapter is over’: Bangladesh veteran Tamim Iqbal retires from international cricket | Cricket News
‘My chapter is over’: Bangladesh veteran Tamim Iqbal retires from international cricket | Cricket News
Sports January 11, 2025
Graduation ceremony held for university colleges of engineering students
Graduation ceremony held for university colleges of engineering students
India January 11, 2025
Pakistan anti-terrorism court grants bail to more than 150 workers of Imran Khan’s party

 | Parami News
Pakistan anti-terrorism court grants bail to more than 150 workers of Imran Khan’s party | Parami News
Most Recent Stories January 11, 2025
Virat Kohli and Rohit Sharma will find form again, says England pacer Tymal Mills | Cricket News
Virat Kohli and Rohit Sharma will find form again, says England pacer Tymal Mills | Cricket News
Sports January 11, 2025
//

We influence 20 million users and is the number one business and technology news network on the planet

Quick Link

  • About Us
  • Contact Us
  • Advertise With Us
  • DNPA Code of Ethics
  • Disclaimer
  • Privacy Policy

Top Categories

  • Business
  • Entertainment
  • India
  • Politics
  • Regional
  • Sports

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Follow US
© 2024 Parami News. All Rights Reserved.
Manage Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
Welcome Back!

Sign in to your account

Lost your password?