Top 10 U.S. Bank BUSTED For Drug-Related Money Laundering! | TSR Newz
TD Bank, one of the most prominent financial institutions in the country, reportedly has a hefty $3 billion fee to pay to the government. Earlier this year, the bank was reportedly being found guilty of failing âto properly monitor money laundering by drug cartels.â
Now, The Shade Roomâs News Correspondent A.B. Burns-Tucker is breaking down the money laundering bust on âTSR Newz.â
More Details On TD Bankâs Alleged Drug-Related Money Laundering Scheme
According to Burns-Tucker, the allegations against TD Bank assert that the institution allowed drug cartels to âfunnelâ money through the establishment since 2014. Recently, the establishment pled guilty to the Bank Secrecy Act.
Furthermore, per Burns-Tucker, TD Bank is the first financial institution to plead guilty to Money Laundering Conspiracy Violations.
âBy making its services convenient for criminals, it became one,â Attorney General Merrick Garland reportedly asserted at a recent press conference.
According to Burns-Tucker, TD Bank failed to put in place proper restrictions to prevent money laundering. CNN reports that because of this, between 2018 and 2024, three organizations were able to funnel âmore than $670 million through TD Bank accounts.â
Additionally, the outlet reports that the companyâs employees allegedly received more than $57,000 in gift cards. This was reportedly used to âprocess more than $470 million in cash deposits from a money laundering network.â
Furthermore, the gift cards allegedly ensured employees would continuously cash the deposits. And refrain from noting them in financial reports.
âThis is a difficult chapter in our bankâs history,â the bankâs CEO, Bharat Masrani, reportedly shared in a statement. ââŠWe have taken full responsibility for the failures of our US [anti-money laundering] program and are making the investments, changes, and enhancements required to deliver on our commitments.â
Scroll above to watch as A.B. Burns-Tucker breaks down how the government plans to monitor the activity of TD Bank as the institution moves forward. Additionally, the host also shares how TDâs hefty fee will reportedly be paid.
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