Ex-TD Bank Worker Faces Charges for Suspected Involvement in Money Laundering
The U.S. Department of Justice announces the arrest and charging of a former TD Bank Group employee for allegedly aiding money laundering at the bank.
This arrest follows an investigation into money laundering at the bank, resulting in over US$3 billion in fines against TD in an October settlement.
The U.S. Justice Department states that the former 24-year-old employee arrested on Tuesday worked at a TD Bank branch in Doral, Fla. Starting in June 2023, he allegedly assisted a money laundering network by issuing numerous debit cards for shell companies in exchange for bribes.
These accounts were reportedly used to launder millions of dollars in drug proceeds through cash withdrawals at ATMs in Colombia.
TD acknowledges the activity, reported it, and cooperated with authorities in their investigation, continuing to support their efforts.
In October, the U.S. Department of Justice had already charged two TD insiders in connection to money laundering, with part of TD’s plea agreement requiring cooperation with ongoing investigations of individuals.
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