TD Bank Faces $3B Settlement Over AML Violations

TD Bank, the 10th largest bank in the U.S., has pleaded guilty to conspiring to fail to monitor financial transactions, which led to narcotics traffickers laundering some $670 million in illegal earnings through the bank. To quote U.S. Attorney General Merrick Garland, “by making its services convenient for criminals, TD Bank became one.” For this, TD Bank will pay a combined $3 billion in fines and penalties. It will also retain an independent compliance monitor for three years, remediate and enhance its AML compliance program, operate under a $434 billion asset cap, and face stricter regulation within the U.S. Ethisphere Chief Strategy Officer Erica Salmon Byrne explains how things got this way for TD Bank, and more importantly, what organizations can learn from it.

• 3:52: Punishment
• 7:11: Leadership
• 9:59: Oversight
• 11:38: Budgeting
• 14:56: Culture
• 18:52: Pressure

Ethisphere Resource Center: www.ethisphere.com/resources

DOJ Announcement: https://www.justice.gov/opa/pr/td-bank-pleads-guilty-bank-secrecy-act-and-money-laundering-conspiracy-violations-18b

ETHICAST - September 2024 DOJ Update to the ECCP: https://www.youtube.com/live/FhQwy2H5M4U?si=uyR_0EqZ7hvYBW6R