The Journal. The Money Laundering Behind TD Bank’s $3 Billion Fine
16 snips
Oct 11, 2024 Explore the shocking revelations behind TD Bank's $3 billion fine for failing to prevent money laundering tied to drug cartels. Discover the labyrinth of criminal networks that funneled massive sums through the bank, highlighting serious regulatory oversights. Hear about the pivotal moments in the investigation, including a significant figure who laundered over $670 million. The discussions reveal the challenges banks face in maintaining compliance while navigating pressures for growth. What does this mean for the future of banking regulations?
AI Snips
Chapters
Transcript
Episode notes
Stacks of Cash
- Da Ying She, a key figure in the money laundering operation, deposited $372,000 in cash at a TD Bank branch.
- He wore a surgical mask, and stacks of dollar bills were visible on the teller's desk.
Employee Concerns
- TD Bank employees expressed discomfort and joked about the ease of money laundering.
- One manager emailed another, "You guys really need to shut this down, LOL."
System Deficiencies
- TD Bank's anti-money laundering systems were outdated and inadequate.
- They failed to monitor 92% of transaction volume, representing $18.3 trillion.