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How TD Bank got caught up in the global drug war, helping to launder hundreds of millions of dollars (www.theglobeandmail.com)
submitted 4 months ago by [email protected] to c/[email protected]
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US regulators have found evidence that TD's anti-money laundering fraud detection is insufficient

For months, analysts have predicted a fine in the range of US$500-million to US$1-billion, but that’s now jumped. “We believe cumulative fines could easily hit $2-billion,” Mr. Dechaine wrote.

Meanwhile, in Canada, TD is facing record fines (archive) from Canadian regulators.

https://archive.is/e0SGA

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[-] [email protected] 9 points 4 months ago

Like what?

[-] [email protected] 5 points 4 months ago

There is a difference in passively not reporting something that is probably obviously money laundering, and actively funding something harmful.

Don't get me wrong, drug money isn't clean, but funding war or investing in oil and gas companies probably does more harm.

[-] [email protected] 3 points 4 months ago

Like $10B in 'earnings' made by investing other peoples money and charging them fees.

this post was submitted on 04 May 2024
84 points (100.0% liked)

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