Market Chatter: TD Bank Employee Accused of Helping Clients Skirt Controls in New U.S. Money-laundering Case
05:37 PM EDT, 06/03/2024 (MT Newswires) -- A Toronto-Dominion Bank branch employee in Florida is accused of accepting bribes to help move millions of dollars to Colombia, adding to a mounting list of court cases underpinning the lender's anti-money laundering troubles in the United States, The Globe and Mail newspaper is reporting late Monday afternoon.
According to the report, the latest revelations offer more evidence about how Canada's second-largest lender has found itself embroiled in a lengthy U.S. probe by three regulators and the Department of Justice into weaknesses in its anti-money laundering practices -- a probe that derailed its most significant deal in the market south of the border. The investigations are expected to result in large financial penalties, which analysts estimate could hit US$2-billion, as well as non-monetary penalties that could stunt its growth ambitions in the market, the report said.
(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)