TD Bank caught up in drug money-laundering scheme

TD Bank has been plagued by concerns about its anti-money-laundering capabilities for over a year. In March 2023, they tried to acquire the U.S. based bank First Horizon Corp. Regulatory issues delayed the acquisition, and in May 2023, the deal fell through.
The extent of TD’s anti-money-laundering issues weren’t clear until now, when it’s revealed that TD is involved in a U.S. investigation of a US$653 million money-laundering and drug-trafficking operation. Tim Kiladze, financial reporter and columnist for the Globe, is on the show to talk about TD’s alleged lack of oversight and what this means for the bank - and its customers - going forward.
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[@wheressteve]

A bank launders money and they are "caught up in a scheme". A person launders money and they are a "money launderer". Note the difference in responsibility for institutions vs individuals.

[@c.a.greene8395]

Laws were never created for them, the laws are there to control you and me. Laws and the people who enforce them have always been there to protect the haves from the anger of the have nots. If you look at almost every law we have from the founding fathers, it was all written for the protection of the property of wealthy...( "possession is nine tenths of the law") designed to keep the owners in power, and the workers kept underfoot. The design is meant to keep the honest man down, and is why it is said "show me one wealthy, honest business man and I will show you a liar"...the system is designed to ensure those who follow the laws may never get ahead, and it shows those who do get ahead cheated.

[@Downwindjc]

Welcome to planet earth 🌏.

[@bradc32]

happy with my credit union.if you are ambitious you can even join a board and have say in your CUs direction..if one big bank is doing it they all are.

[@dougiep2769]

Jail terms not fines. This is why trust is being lost. These are freaking nation rocking crimes.. a fine is not appropriate

[@Ottotherepoman1]

Here is my TD bank story. 1998-1999 Working as a temp sorting bank deposits at TD College park for all the ontario branches. Newly graduated from customs admin and on the look out for anything. The only native born Canadian working the midnight shift. And I am sure after my experience, the last. I soon noticed that multiple bank accounts, primarily vietnamese were getting daily bank deposits for 9,999 dollars. night after night, month after month. When I reported my suspicions of money laundering to the manager, I was told to shut up or lose my job. This has been going on forever. And its obviously institutionalized.

[@jay1645]

Typical and banks AML practices are a front(or scam) to keep regulators at bay. Banks lobby to keep fines low to profits made so if stock drops on headlines on AML is always a buy opp lol

[@c.a.greene8395]

Shit rolls downhill... Corruption always starts at the top

[@jay1645]

Bank AML is a scam .. fines paid are a pittance of $$$ made lol

[@crystalslattery1712]

Not surprised at all

[@joananne7802]

This must be the worst bank in Canada. Staff were speculating on Facebook as to how local residents accumulated their money. They went so far as to accuse people of getting stolen credit cards, buying stuff, and selling the stuff they bought. These were bank tellers saying this from their own account. It was disgusting.

[@DlostZhip]

The distress for banks was a farce; what we have experienced in the past 2 years is a result of a system that has worked incredibly well. The Fed just had to tighten credit to cool the economy.

[@Danielfreeman-nr2xc]

What about the Fed lending program for banks that was said to ease financial tensions after the domino effect from Signature and Silicon Valley banks?

[@DlostZhip]

Yeah, that sufficed, but what helped the economy was rising immigration which helped even out the mismatch between open jobs and people looking for work.

[@Stevanc]

I agree. Rising productivity is manna for central banks, allowing faster growth without inflation because each hour of work yields more goods and services at the same cost.

[@Sarahkidz]

I’m indifferent. All I do care about is what assets and securities will drive the Santa Rally. It is upon us, folks. I have a $100k portfolio, and I have a friend who has grown theirs to over 30% with the recent rallies. He is up 4% this month alone!

[@Danielfreeman-nr2xc]

I fell short of my mortgage and had to foreclose the property. Who is this broker you use, and are they accessible or is it private?

[@philippedefechereux8740]

I am an American citizen living in NJ and was - until hearing this news - "in love" with TD Bank as the best customer ervice bank I ever knew, and recommende it to everyone who would listen. I am just writing this in complete shock.

[@tonylinardi3089]

Makes one wonder why Casinos and drugs are being legalized...

[@MsCGarnica]

We are living in Joe bidens lawless society! It has to stop, and we so need to stop that traitor to our country!! Fjb!

[@absolutetruthgirl]

Remove your money from this "bank" pronto.

[@esparda07]

"Eventually, they realized..." ...No, the bank was complicit.

[@rettbutler1312]

The CEO of TD bank, Bharat Masrani, who has been settled in Canada for roughly 21 years but working for TD bank for DECADES (immigrated young), is a Ugandan-born immigrant of East Indian descent. Just gonna leave that here.

[@jay1645]

Not smart enough to run rackets like JPM .. look up their cases 1K+ and fines paid 48 bln. lol

[@MrDayna39]

TD Bank, in my opinion, had ethical issues for a while now.

[@pretty_troll]

TD has been a boys club at the top since they amalgamated & by boys club i mean homosexual lifestyle

[@jay1645]

Banks have no ethics except one .. how much does a leveraged buck return lol

[@debbie6921]

I knew I left them for a reason. They also froze people's bank acct's . Glad I got my money out.

[@DStripeM]

If TD is doing this imagine other banks what they do.

[@user-yv7dt5je1l]

JPMorgan helped Epstein, and he DIDN'T kill himself. 😂 Eyes wide shut. Keep ignoring the truth or watch the world burn 🤷🏻‍♀️ the choice is yours.

[@TheMockatiel]

@KenCheeseBro td is my local bank

[@sun_s9067]

That depends on compliance culture at each bank. I work for one of the Big Five banks (obviously not TD). Although we are in a supporting function servicing the Bank and not cutomer facing, we are trianed regularly for compliance including anti money laundering. The message is clear that everyone in the Bank has duty to watch for all irregular activities and report if we come across one. How serious employees take on this and how good the system is to be able to catch such thing depends. However, i have faith in our people that, with regular training and emphasis, we will do the right thing.

[@rettbutler1312]

The CEO of TD bank, Bahrat Masrani, who has been settled in Canada for roughly 21 years but working for TD bank for DECADES (immigrated young), is a Ugandan-born immigrant of East Indian descent. Just gonna leave that here.

[@jimcovell1067]

CIBC

[@taliajournee212]

TD knew it's own involvement, regular $2M deposits at a BRANCH??????

[@christinarosed.p.1967]

We want to be like Argentina. They rejected the WEF and are recovering!!!

[@christosp.tsonis6194]

Ashamed for the CEO. TD used to be a good bank. Is this incompetent and corrupt CEO still in power, what does the board do about it?

[@taninogi]

Former insurance broker for TD myself and I will say that the corruption does not end in the banking sector. Very poor practices on the corporate side of this business across all branches.

[@samgee5908]

I cant even withdraw $2k cash or deposit over $4500 without getting harassed by teller at Canada Trust, this story sounds farfetched!

[@ilsevanheerden4976]

Of course YOU can't! Our every move is checked. The rich and corrupt, however, can do what they want.

[@badfeng]

The banks, including TD, don't want to give up cash, but if you transfer funds to another institution banks don't tend to hassle you. I think the difference with TD, from the sounds of it, is if you showed up with a mass of cash they wouldn't ask questions.

[@ethimself5064]

This is in the USA and TD and laws are very different down there

[@MorrisFilmPhoto]

Yaaa,Right! And soon you going to tell me that these same type of (Chinese/Mexican) Criminal Gangs bought up huge amount of Apartments and even whole Blocks, making Inflated Prices for any Apartment; as Bank doesn't care who own these apartments No one with Honest Hard Working Canadian can afford even single room apartments!!! Yaaa, Right! It all sounds like a "Conspiracy" against Hard Working Honest Immigrants from China or Mexico Drug Gangs, owning those Canadian Apartments unseen via Banks and Equity Companies like "WhiteFeather" 😂💯🐼💥 NoNoNo all Canadian Banks are Honest and All Apartments are Bought Up with Honest Hard Working Class Canadians!!! SureSure 👋

[@BirdTrainingClub]

That’s because we are peasants without the right management connections.

[@IsaacGabriel-kh5ds]

Speaks to corporate culture.

[@phaldaz]

Great reporting guys!

[@_basevinyl]

They said crypto was bad, turns out they were just deflecting.

[@James-xu3vc]

TD fired my daughter from her job - unjustly. Punishment comes in strange ways. 😂

[@Mpg972]

Yes indeed but the customers shareholders and staff will mow all be potential down by the fine amounts

[@kellyprice1024]

No more hiring of a certain race in my bank.

[@moomagpie4265]

I've had horrible customer service at TD on Elgin, Ottawa. Submitted a complaint and haven't heard back in 6 months.

[@kellyprice1024]

You should see the pathetic Christmas decorating in branches. Lots of packing tape used.

[@azv343]

Thank goodness I avoided them like the plague.

[@GMAN420BC]

Nothing will happen. Bad headlines never affect a bank. To have change, you actually have to prosecute. If there's no consequences, there's no problem

[@kellyprice1024]

Check resignations. Who stepped down.

[@tbcy3zj]

Online gambling has been linked to money laundering as well.

[@MrEuroWolfie]

My wife/company bookkeeper was refused to deposit regular weekly cheques in the company account using my card and PIN (only deposit nothing else) saying that she isn't the cardholder..ps I asked for a card for her before and that wasn't an option.. it's never an average teller that can get this slide through, it's always a higher up greased to get the process rolling. After that if the account setup with the right notes or structure whatever it needs, the people laundering can just walk in any locations and just hand over a bag full of cash inserting the card and any teller will see the account structure and process the money without a hassle

[@Ricci-gf6ny]

Hello poor people do not launder money .

[@EMan-cu5zo]

They have nothing to launder.

[@parkerbohnn]

It's the Chinese way of life and that will never change.

[@studlyhungwell]

TD has representatives who attend bilderberg meetings. Nothing is accidental.

[@badfeng]

We live in mafia states.

[@hiltonwatkins6750]

Got to make us wonder when a management team does not react with complete transparency and clear exposure of any problems found… wow. There must be something terrible going on at the top levels in countries. Let’s force them to open up…

[@aggierowe9574]

NYC is now a cesspool more than ever. Glad I left

[@OleGit1497]

Where is the financial monitoring and controls at the higher levels of management.

[@tushan1013]

Bharat needs to be held accountable for these issues. Under his leadership TD has fallen further and further from grace. Under Ed Clark, this kind of crap wouldn’t have happened.

[@tigalbaby]

He certainly should be held accountable as CEO. But under his leadership TD has grown its US presence in a significant way . A fly always makes a tasty soup un palatable. But in this case remove the irritant and all will be well .

[@lucrtrvl]

I’ve had an unpleasant customer service experience with TD bank in NJ a few times. Closed my account with them, never looked back. They were arrogant and rude just because they could. Never saw such strange staff behavior in any other bank in US.

[@kellyprice1024]

I had the same problem until yesterday. I must have gotten the very best person in the branch. She was so very nice. Mortgage free now. Finally!

[@user-qo1gk2kj3e]

Every bank launders money...they cant get enough cash.

[@momzilla9491]

Canada suffered it's own mortgage meltdown between 1999 and 2006. Huge shuffle. Then we were forced into the Know You Client routine. Doesn't TD use this tool in the USA?

[@bernl178]

Great reporting interesting topic

[@bellakrinkle9381]

Why is this not surprising, OMG.

[@taradeleeuw2344]

“Bags” great chapter name

[@handzus19]

Arts degree holders are running Canada. What do you expect?

[@daveh5625]

Poor service and less then smart people at the main branch in Calgary...

[@songsabai3794]

I need Google-translator to communicate with my TD branch 😁

[@Devilcity6275]

This is why TD still continue to charge for everything, so their button and Profit can be larger. Disgusting. Customer should get some of the profits. ❤

[@NumberSeven1]

No UAR filed???

[@taradeleeuw2344]

All very inciting

[@jackiepaper101]

"Caught up"

[@FranklinFleming-lm1yu]

All main banks froze bank accounts....😢 Get an American citizenship

[@DonnaSmith-it6ve]

They stole 60000 from me .

[@SassySealion]

“Caught up in” a scheme? Frankly I find that hard to believe given that TD (my experience) is so nutso that they will refuse to perform their own contracts to avoid the labour cost of probably about half an hour without a care in the world of the consequences. It’s what happens when an attitude of impunity and enabling bonus structures collide.

[@CedroCron]

Yes I'd like to deposit these bags of cash... No problem sir, right this way. Like who dropped the ball? You mean to tell me no one, not a single person raised an eyebrow? Come-on!

[@bartkorol611]

Because one of the bags just dropped... And the peoples eyes met and they said, not mine. Business carried on.

[@EMan-cu5zo]

This used to be normal to deposit cash. I remember years ago I worked in the restaurant business and almost every night we would deposit a large sum of money. At least enough that would raise flags currently. I think it’s a bad thing personally. I don’t want them to know what I am doing with my business. It’s hard to hold over a few thousand dollars anymore.

[@kellyprice1024]

Cassinos

[@Mpg972]

Dont these tellers have supervisors this sounds like horseshit to me . And the lets get rid of cash mantra

[@MickeySn]

If someone don’t tell you the true, means they know something. “Problems crossed a lot” means a lot rich involved in it.

[@taradeleeuw2344]

That was 20 years ago

[@user-ry6ln7od3q]

Now I know why they just closed our good little TD bank in my home town In Alberta.

[@pernilsson9749]

But..... was it not an US stock Exchange company that have sold syntetic opiats and such, during last tens of years, that was the colprits?

[@taradeleeuw2344]

I thought all banks were involved ?

[@joan3115]

YES PLEASE! GET ALL OF THEM 🧚😇🙏🏽💜

[@raymondgagne8363]

All Canadian banks need strict investigations/audits to make sure it is not going on here too. The federal government need to do their jobs and make sure money laundering doesn’t happen here also, I’m sure it is happening here too.

[@marilyncourteau8951]

the govt is moneylaundering central

[@EMan-cu5zo]

It happens everywhere

[@taradeleeuw2344]

Bags of monies

[@svenhodaka9145]

I’d like to deposit this money 💰💰💰💰💰💰💰💰💰from my small family dry cleaning, laundry and carwash business. 😉 This “uncertainty” period is an excellent opportunity to accumulate shares of TD. It my be painful in the short term but the bank will come out of this stronger on the other end. 📈

[@taradeleeuw2344]

Quite often ,I bet

[@NicholasWingComposer]

The alleged bribed teller employees should also be drug tested to shed light on direct involvement in the criminal activity generating the illicit revenue. Further, teller's could receive illicit cocaine bribes to carry out money laundering transactions.

[@user-un7el8sf4y]

So drug dealers can work for the government or for the drug cartel. What’s the difference

[@EMan-cu5zo]

They just want their cut of the drug sales. They couldn’t care less about the people.

[@kellyprice1024]

The government are the dealers. If they didn't want the drugs coming in, they could stop it. BC legalising drug use and in children's playgrounds to boot.

[@binaryguru]

all banks launder money, this isn't a new thing

[@dougiep2769]

How much blood of canadians are on the blood stained hands of these people..jail not fines

[@jimmyb6842]

Everyone is employed from the inside silly😂. Every money exchange center, call center, and bank😂

[@cornmancoocookachew7515]

Everyone one that put their hands on the money go's to jail, hangman is comin down and they don't have very long. thx

[@tigalbaby]

So TD is involved in laundering ???? Not some staff members at TD? And have other banks been investigated ? Why TD alone . Suspect that the US has targeted a Canadian company and conveniently left out Well Fargo etc!!! TD is an outstanding franchise which like all firms have a few dishonest staff members. Will continue to hold TD .

[@IsaacGabriel-kh5ds]

Keep drinking the Kool-Aid.

[@tigalbaby]

@@IsaacGabriel-kh5ds Ah Jim jones reincarnated .

[@Jeremihayes75]

Was they using bitcoin? Lol

[@izabelpostruzin4453]

😂😂😂 Canada is one big lundry machine future world truble maker. Where gangs from all over the world will rule rest of the world. China mafija is operating in Canada is one nice example together with others of course.

[@JulieKnegt]

CBDC propaganda

[@co59720]

🥱

[@user-lf5oh7um7y]

I have had excellent service at TD. They are so quick when someone is messing with your account. And the employees are always so helpful. I'm going " WHAT"...

[@annetoronto5474]

Go woke, go broke! TD has the worst woke agenda! 😂😂😂

[@colinrussell476]

No bank is more woke, and more broke, than Laurentian Bank

[@Mpg972]

Banks should be banks