RE:TD Bank - US Banking HistoryAML monitoring timeframe is not indefinite:
TD agreed to a four-year independent monitorship and comprehensive reforms of its AML practices. No time limit mentioned on the asset cap, but US election results and political sway can change that pretty quick. Regardless, the US wouldn't likely have allowed TD to get too much bigger anyway and this money laundering settlement will help justify holding them back, so TD best look for new sandboxes to play in.
2024 money laundering case
On October 10, 2024, in a landmark enforcement action, the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) levied a record-breaking $1.3 billion penalty against TD Bank for chronic violations of anti-money laundering (AML) laws, contributing to a total settlement of over $3 billion across multiple U.S. authorities. TD admitted to willfully neglecting its AML program for over a decade, allowing trillions of dollars in potentially suspicious transactions to go unchecked annually. TD Bank's failures ranged from inadequate monitoring of peer-to-peer transactions indicative of human trafficking to facilitating over $400 million in transactions for a known money launderer. TD agreed to a four-year independent monitorship and comprehensive reforms of its AML practices.
HB77