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The 10th-largest bank in the U.S. agreed to pay $3 billion in fines for its anti-money laundering deficienciesToronto-Dominion Bank was hit with a total of $3.09 billion in fines from U.S. regulators and agreed to a limit on its growth after pleading guilty to failing to curb
financial crimes in its systems.
Over the course of six years, Canada's second-largest bank failed to monitor $18.3 trillion in customer activity in the United States. In its plea agreement, TD Bank (
TD) admitted that this
allowed three money laundering networks to transfer over $670 million through the bank's accounts."By making its services convenient for criminals, it became one," U.S. Attorney General Merrick Garland
said in a press briefing. "Today, TD Bank became the largest bank in U.S. history to plead guilty to Bank Secrecy Act Program failures and the first bank in history to plead guilty to conspiracy to commit money laundering." The
Wall Street Journal first reported the agreement on Wednesday.
The bank agreed to
pay a record $1.3 billion to the Treasury Department's Financial Crimes Enforcement Network, or FinCEN. The Office of the Comptroller of the Currency slapped a cease and desist order and a
$450 million civil penalty on TD Bank Thursday over its inadequate Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program. And the Federal Reserve Board imposed a
$123.5 million penalty.
"The vast majority of financial institutions have partnered with FinCEN to protect the integrity of the U.S. financial system," said Deputy Secretary of the Treasury Wally Adeyemo. "TD Bank did the opposite. From fentanyl and narcotics trafficking, to terrorist financing and human trafficking, TD Bank's chronic failures provided fertile ground for a host of illicit activity to penetrate our financial system."
TD Bank's U.S. business will also be subject to a $434 billion asset cap.
In addition to the monetary penalties, the Fed will require TD Bank to establish a new office in the United States dedicated to fixing these deficiencies and relocating its anti-money laundering compliance program to the U.S. The bank's compliance with the orders will be overseen by Canada's Office of the Superintendent of Financial Institutions.
Sen. Elizabeth Warren criticized the agreement in a post on
X (formerly Twitter) Thursday.
"This settlement lets bank executives off the hook for allowing TD to be used as a criminal slush fund," Warren said.
TD Bank has a significant U.S. presence, with more than 1,100 locations across the country. It's the seventh-largest U.S. bank by deposits and the tenth-largest by total assets.
The
U.S. Bank Secrecy Act was created in 1970 to regulate how financial institutions detect and prevent money laundering through their systems, also known as
Anti-Money Laundering laws, or AML. Under the act, all financial institutions follow a set of guidelines known as KYC (Know Your Customer/Client) — a process that these firms use to verify the identity of, and risks from, potential clients.
TD Bank also agreed to a three-year monitorship and a five-year probation term."TD Bank's persistent prioritization of growth over controls allowed its employees to break the law and facilitate the laundering of hundreds of millions of dollars," said Acting Comptroller of the Currency Michael Hsu in a statement. "The bank's blatant risk management failures attracted illicit actors and are egregious and unacceptable."
As a result, "hundreds of millions of dollars in illicit proceeds" were laundered through TD Bank's U.S. business.
The penalties were in line with TD Bank's expectations. The bank said it largely covered the fines using previous provisions of $3.05 billion. TD Bank first disclosed a U.S. Department of Justice probe into its AML program last year.
"We have taken full responsibility for the failures of our U.S. AML program and are making the investments, changes, and enhancements required to deliver on our commitments," said TD Bank chief Bharat Masrani in a
statement. "This is a difficult chapter in our Bank's history. These failures took place on my watch as CEO and I apologize to all our stakeholders."
Shares of TD Bank fell 6% following the announcement.
Rocio Fabbro is a staff writer at Quartz. She has also written for The Messenger, Foreign Policy, CNBC and Salon.
Reader Comments
Maybe you have forgotten which part of North America you live in. Pennies in Canada have not been used for almost a decade. And with the change of destroying the penny it did grow into more and more into the pocket of the federal government purse under the Liberals.
Looking to expand further in the U.S., TD Bank Group acquired Commerce Bank on March 31, 2008, and the company rebranded as TD Bank, America's Most Convenient Bank. TD Banknorth locations followed suit in September 2009, completing the merger of the two companies and uniting them under the TD Bank brand name.
Number 10 of top 10 biggest.
When Americans take over or become a ceo of a Canadian company, they ruin it (like BB) or bankrupt it (like NT), eliminating competition for American companies.
The US market is the same for Canadian or British companies. ALL US Banks are guilty of the same, they just know the rules better. Someone needed a scapegoat and TD was the goat.
Don't be deceived by news such as this. No one is going to jail, most of that news is posturing for the masses.
Also, if memory serves me correctly, TD received around $8 or $11 billion USD in 2008 from the US Treasury when on top of the $3 or $5 billion from the Fed when the markets collapsed. All banks that got the money from the Fed had to pay it back. I'm pretty sure that none had to pay back all funds received from the US Treasury. They guy who sued the US government to get the list of banks paid by the Treasury, died quickly from a fast cancer, before he received the list. He was a reporter for Bloomberg, they posthumously released the list on Dec 27th of 2008. You know, when most financial people are off. I did have the spreadsheet. The Treasury payout was even more than the FR payout.
HBO made a movie about this crash. One sentence in the whole movie mentioned the Treasury payout, but not a number.
Anywho, this is all part off the banking narrative to hide something on the US side.
American Civil War
French Revolution
Taiwanese Revolution
In.Dust.Trial Revolution
Good luck with that y'all!
The ⛴️ has turned around. The patriarche is already in the dust, the Matriarche has been on the helm for 2 months already.
👠⚽️🥅👑💄
Banking institutions at this time demonstrates, if you can catch them the most transfer of wealth from innocent taxpayers.
What occurred in the 2008 financial crisis was child's play concerning the level of corruption we are witnessing at this time, they are so blatant in heir lies and hypocrisy.
Tax payer money is one big slush fund that keep on giving...until we are all dead.
Interest rates were zero, not for us, just for banks so they could consecutively and successfully pass the so called annual "stress tests" (to show they actually had 10% to cover all funds on deposit). Once all top 10 could pass successfully, repeatedly, interest rates started to rise. During that time, banks extended credit more easily to consumers, further indebting us all, while making billions.
Debt is their currency.
When a business fails, goes bankrupt, all creditors get paid first. It's like a reverse pyramid scheme. At that time 08' if all those banks failed, everyone in the US would have went bankrupt, being unable to pay back the debts owed. That was why the Fed gave them money and Treasury gave them money. It wasn't a perfect storm, it was the final straw of their ponzi economics.
That then raises the questions, why is the DoJ going after this bank? Where does the "billions" go, i.e. is it money laundering?
Read or look up some of the shenanigans the exemplary shining example called the
You AS A, in the book "the American Trap" by Frédéric Pierucci this goes into detail how american business is practiced, a pretty picture it ain't.
This synopsis on Amazon below, (don't or do go to Wikipedia they make the whole saga sound like a fcnk faitytale)
"In 2014, France lost part of the control of its nuclear power plants to the United States. Frédéric Pierucci, former senior executive of one of Alstom's power company subsidiaries, found himself at the heart of this state scandal. His story goes to the very core of how he plotted the key features of the secret economic war that the United States is waging in Europe. And after being silenced for a long time, he has decided, with the help of journalist Matthieu Aron, to reveal all.
In April 2013, Frédéric Pierucci was arrested in New York by the FBI and accused of bribery. The US authorities imprisoned him for more than two years - including fourteen months in a notorious maximum-security prison. In doing so, they forced Alstom to pay the biggest financial penalty ever imposed by the United States. In the end, Alstom also gave up areas of control to General Electric, its biggest American competitor.
Frédéric's story unpacks how the United States is using corporate law as an economic weapon against its own allies. One after the other, some of the world's largest companies are being actively destabilised to the benefit of the US, in acts of economic sabotage that seem to be the beginning of what's to come..."
The people who run these companies are supposed to be experts in finance yet have to wring their caps and pull their forelocks before bent politicians every few decades or so in order to save their business from bankruptcy. They then have the gall to dictate how others should run their business and how they spend their money.
The sooner this present financial system breaths its last the better IMO. These banking parasites have been busy selling their customers down the NWO river for their convenience.
the question simply is:
Why is this "product" now Only Available in Canada ?
[Link] - the product is from "Kitco" and it is fine script polymer with some "gold dust" added and I'm glad I got some and wanted to get some more, but apparently it is now "Only Available in Canada" - well, hells-bells on that cause that wasn't the case only a few weeks ago and if there is a Canadian friend reading this, I'll be happy to give you a nominal fee to acquire this script and then send it my way.
Regards,
BK
I use to follow a couple of channels that dealt in precious metals, gold backs included, my understanding is that you can typically buy from any coin dealer however they’re is still a lot of ignorance around the subject.
It seems you already know a fair bit on the subject but for what it’s worth I’ll include it.
[Link] (this link good explainer) watch to the end where the production process is explained.
Use to follow these guys (below) on a regular basis but life got in the way and haven’t been there for a while, I found them both to be genuine guys as well as the guy running the channel, I’m pretty sure you can buy these from any coin shop and certainly from these, keep in mind the premium paid is the main thing holding this product back.
[Link] (Harry’s coin shop)
[Link] (Tim at The Coin and Stamp Shop) (Yankee Stacking, channel owner)
The current market price for 1 Nevada Goldback is $3.85 on average. (not sure on accuracy)
If your'e really desperate you can buy these in Australia, obviously an even larger premium.
Small selection:
[Link]
[Link]
Kitco is out of Canada I think, so maybe it has something to do with that.
I consider the "script" works of art and I know they have inherent value above and beyond just that.
Ken
Check out this note (a Gabon holdback) Please Note this is made in the USA
[Link]
Info from the:[Link]
Read the following carefully (copied from the above site)
"Posts: 33,601 ✭✭✭✭✭July 31, 2023 12:15PMjmlanzafToken - there's no paper@steve76020 said:
but a 50 note cost you 390 dollars and contains 94 dollars worth of gold so you lose they winNot sure where you're getting those numbers. The 1000th note costs $3.90 and contains $1.95 in gold. [Much lower premium than U.S. Mint commems]. And that really is besides the point. You can't expect them to make and distribute a note for the same cost as the bullion. $2 seems like a reasonable premium."
Thanks for the links cause I'm really fond of that South Dakota script with gold in it!
Ken
ps - I've learned though to make hard copies of documents showing payment received!
Ken
Ken
[Link]
I don't really care that much for the "gold" necessarily, but it is the recognition of the difference twixt something of value inherent versus fiat that appeals to me.
Ken
Name it.....name your desired beverage and if I can't provide it direct - I'll give you next best with ingredients on hand.
Peace to you.
Ken
Cheers
Called in Canada SDGTC...Sustainable, Development, Goals, Technology Canada...One big slush fund for JT to give his friends at the WEF...
Meanwhile JT is globe hopping in his duty as a member of the privy council of Canada and the UK, promoting the British non elected Royal and his Green Carta policies. Last known whereabouts somewhere in the south pacific...
Mean while he is persona non grata in the Canadian parliament to answer high levels of corruption in the Liberal Government of Canada.
Canadian peoples want to know want to know
Talk about a filibuster learn and watch. For those that are interested the science of politics in our world and it's corruption
[Link]
[Link]
It's a comedy, touch of romance, yet spells out what true banking is meant to be. Oh and based on a truish story.
[Link]