Accountability in Anti-Money Laundering Practices

In October, TD Bank pled guilty to money laundering and violations of the Bank Secrecy Act, incurring $3.1 billion dollars in penalties, putting the general public at risk, and shattering the trust of its own customers.  Sadly, this latest case of money laundering and lack of transparency is nothing new, joining a past roster of scandals involving many of the biggest banks in the U.S.   Charges against TD Bank indicate some employees knowingly facilitated these illegal banking practices, turning a blind eye in pursuit of profits including executives at the highest level of TD Bank who failed in their duty to oversee the bank’s Anti-Money laundering program.  But how exactly did a bank, trusted by millions, known as “the nation’s most convenient bank,” become an enabler of fraud and what can we do to end this trend of impropriety and prevent the next banking scandal?

On this episode of 

Designated, 

host Yaya Jata Fanusie speaks with veteran banking executive and financial crime fighter, Jim Richards, for a deep dive into the questionable banking practices at TD Bank and how best to keep dirty money out of the financial system.