TD Bank (Toronto-Dominion)

Aktivs

2023: Bank assets - 66% of Canada's GDP

Data as of December 31, 2022 Toronto-Dominion Bank Data - January 31, 2023

History

2024: Admission of Drug Mafia Money Laundering

On October 10, 2024, the Federal Reserve Board FRS announced that the Canadian Toronto-Dominion Bank (TD Bank) had pleaded guilty to conspiracy to launder drug mafia money. As part of the settlement of the case, the credit institution will pay a fine totaling more than $3 billion.

TD Bank failed to organize adequate risk management and oversight of its retail banking operations, resulting in the U.S. subsidiary being used to launder hundreds of millions of dollars in illicit proceeds, it said. The US Department of Justice says that the bank's activities have identified "long-term, comprehensive and systemic shortcomings" in the field of combating money laundering.

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Netolkonews

In particular, more than 90% of transactions from 2018 to 2024 were carried out without proper monitoring, which allowed three criminal money laundering groups to transfer over $670 million through TD Bank accounts. It is emphasized that the credit institution did not take any action, despite the fact that state regulators and internal auditors repeatedly pointed out potential problems with procedures for identifying suspicious transactions. As a result, according to regulators, in the period from January 2014 to October 2023, TD Bank was unable to track customer activity in the amount of $18.3 trillion, which led to large-scale money laundering.

TD Bank has created an environment in which financial crimes flourish, "said US Attorney General Merrick Garland.

Under the terms of the agreement, TD Bank will pay $1.3 billion to the Financial Crimes Network of the US Treasury Department (FinCEN), $1.8 billion to the US Department of Justice and $123.5 million to the Fed Council. In addition, the Office of the Comptroller of the Currency imposed a fine of $450 million on the bank.^[1]

2023

Staff reduction

World banks cut more than 60 thousand jobs in 2023

TD Bank and First Horizon agree to end merger

Canada's TD Bank said regulatory approval was in doubt. The deal disruption comes amid pressure on regional US lenders.

The deal would be the largest in the company's history and allow it to expand its presence in the southeastern United States. The combination would have given the company more than 400 new branches in the country and added more than 1.1 million individual and business customers in 12 states.

2022: Announcement of $13.4 billion US First Horizon purchase

At the end of February 2022, Toronto-Dominion Bank bought First Horizon for $13.4 billion. The deal is supposed to allow Toronto-Dominion to expand its presence in the Southeast. USA More. here