TD Bank Allegedly Laundered Millions of Dollars of Fentanyl Proceeds: US Fine Could be Two Billion Dollars
Fort Lauderdale, Florida – TD Bank, one of the largest retail banks in the United States, is facing fresh allegations of bribery and money laundering involving a former retail banker at its Hollywood, Florida branch. The scandal has brought to light serious lapses in the bank’s anti-money laundering (AML) compliance program, raising concerns about the effectiveness of its internal controls.
According to federal prosecutors, the scheme involved a network of individuals, including the TD Bank banker, who collaborated to move the funds. The banker’s role was pivotal, as they leveraged their position within the bank to open accounts, process transactions, and evade detection by the bank’s compliance systems. The bribes, allegedly paid in cash and other forms of compensation, incentivized the banker to disregard their professional responsibilities and prioritize the interests of the criminal network.