TD Bank is expected to pay about $3 billion in penalties and accept limits on its growth in the U.S. as part of a settlement with regulators and prosecutors over charges it failed to properly monitor money laundering by drug cartels.
8 Comments on TD Bank Faces $3 Billion in Penalties and Growth Restrictions in U.S. Settlement for money laundering by drug cartels
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Probably works out to about 10%.
Banking fees will be raised. Bonuses will still be awarded. No one will lose a round of golf over this. We shouldn’t be laundering money for the cartels… We should be bombing them back to the fucking Stone Age.
Who gets the $3 BN?
But It’s a Canadian company,no way!
TD? Trump Derangement?
It fits all too well…
Who gets the money? Not us.
This is what happens when you don’t ask Wells Fargo or Chase how to handle pallets of Benjamins. They do every week. I’m not kidding. The feds need this money back in circulation. When these banks get notified by their customers that a large deposit of cash is inbound, they make arrangements for it to be received at places you don’t know are associated with a bank. They count the cash, file a notice with the feds that they suspect this might be nefarious cash money. The feds reply, “Thank you for notifying us of this matter.” Then the deposit is credited to the customer. The bank has discharged their duty to the feds, the money is now ‘clean’, and the bank takes a ‘service fee’ because of the logistics of handling so much paper money. That latter is in no way the fencing fee, because this is a bank after all.
The only ones to get caught. Sacrificial lamb.