New York. The Canadian bank TD Bank agreed to plead guilty to violating US laws on money laundering and will pay $3 billion in fines, it was announced.
The financial institution, whose US subsidiary is the tenth largest bank in the country in terms of assets, was accused, among other charges, of having allowed criminals to launder several hundred million dollars.
TD Bank is a subsidiary of the Canadian Toronto-Dominion Bank.
The bank pleaded guilty to the criminal charges filed, so, in addition to paying said amount, the United States Federal Reserve (Fed) ordered it to apply a series of “enhanced measures” aimed at complying with current legislation.
In this sense, TD Bank will transfer part of its anti-money laundering surveillance program to the US and must certify before issuing dividends or distributing capital that “sufficient resources” are being allocated to correct the deficiencies detected when fighting this type of crime. .
Likewise, the North American issuing institute will require it to carry out an “exhaustive and independent review” of the board of directors and its business management to guarantee correct supervision of its operations in the United States.
“TD Bank failed to conduct adequate risk management and oversight of its retail banking operations in the United States, resulting in a U.S. affiliate being used to launder hundreds of millions of dollars in illicit proceeds,” the bank said. supervisor in a statement.
TD Bank has more than 10 million customers in the United States and about 1,200 branches, mainly on the East Coast.
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