TD Bank and Toronto Dominion Centre in the financial district in Toronto.Andrew Lahodynskyj/The Canadian Press
In 2021, the U.S. Department of Justice laid charges against a criminal ring that laundered US$653-million worth of drug money through financial institutions in the country. And Canada‘s TD Bank was right in the middle of it, named as one of the banks central to the criminal ring’s activities.
TD pled guilty to conspiracy to commit money laundering, and has been hit with a historic fine — more than US$3-billion — as well as penalties such as an asset cap and restrictions on opening new branches in the U.S.
The charges, the massive fine and the resulting impact on their reputation has left TD Bank reeling in the aftermath, as business dealings were cancelled and new information surfaced on why the company failed to stop the criminal activity.
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