US Senator criticizes absence of TD Bank executives facing charges in money laundering settlement

October 31, 2024 TruthUSA

A U.S. senator is expressing concerns that TD Bank Group executives were not charged as part of the bank’s settlement for failing to detect large-scale money laundering.

Senator Elizabeth Warren wrote a letter to the U.S. attorney general stating that the settlement, which included over US$3 billion in fines and a restriction on asset growth, did not hold corporate executives responsible.

Warren mentioned that both executives and the bank itself avoided facing the full extent of penalties that Congress could have imposed, despite enabling the bank to function as a criminal slush fund and harm hundreds of thousands of people.

TD’s lapses in money laundering controls allowed criminals to launder more than US$670 million through the bank in six years, including profits from fentanyl trafficking.

Warren argued that without holding executives accountable, banks would continue to view enforcement fines as just a part of doing business, rather than taking compliance with money laundering laws seriously.

TD declined to provide a comment.