Major Bank Hit with Record Fine Over Drug Cartel Money Laundering Scandal

by Jack Davis, The Gateway Pundit:

 

One of America’s major banks has been hit with a massive fine after federal investigators said it was lax in its efforts to monitor money laundering.

TD Bank will pay $1.89 billion to the Department of Justice, $123.5 million to the Federal Reserve Board, and $450 million to the Office of the Comptroller of the Currency, according to the consent order between the federal government and the bank.

The bank must also pay $757 million to the Department of the Treasury’s Financial Crimes Enforcement, referred to in the consent order as FinCEN.

TRUTH LIVES on at https://sgtreport.tv/

The penalty is a record, according to CNN. It reported that the Department of Justice said TD Bank had “long-term, pervasive, and systemic deficiencies” so that between January 2018 and April 2024, more than 90 percent of accounts were not monitored, enabling “three money laundering networks to collectively transfer more than $670 million through TD Bank accounts.”

“From fentanyl and narcotics trafficking, to terrorist financing and human trafficking, TD Bank’s chronic failures provided fertile ground for a host of illicit activity to penetrate our financial system,” Deputy Secretary of the Treasury Wally Adeyemo said.

The investigation was triggered by federal agents’ discovery that Chinese criminals bribed bank employees and laundered millions from selling fentanyl through TD branches in New York and New Jersey,  according to the Wall Street Journal.

The consent order said that the bank failed to properly implement 2013 orders from FinCEN after it was linked to Ponzi scheme activity.

Read More @ TheGatewayPundit.com


Originally Posted at https://www.sgtreport.com


Stay Updated with news.freeptomaineradio.com’s Daily Newsletter

Stay informed! Subscribe to our daily newsletter to receive updates on our latest blog posts directly in your inbox. Don’t let important information get buried by big tech.





Current subscribers:

  • Related Posts

    Tropical Depression Nineteen Public Advisory Number 4

    …LIFE-THREATENING AND POTENTIALLY CATASTROPHIC FLASH FLOODING AND
    MUDSLIDES EXPECTED IN HONDURAS THROUGH THE WEEKEND…
    Location: 15.7°N 82.6°W
    Max sustained: 35 mph
    Moving: W at 14 mph
    Min pressure: 1004 mb

    Issued at 1000 AM EST Thu Nov 14 2024

    Gaetz Resigns ‘Effective Immediately’ After Trump AG Pick; DC In Full Blown Panic

    from ZeroHedge: Update (1905ET) According to House Speaker Mike Johnson, Gaetz has resigned effective immediately. “I think out of deference to us, he issued his resignation letter effective immediately, of Congress,” said Johnson. “That caught us by surprise a little bit. But I asked him what the reasoning was, and he said, well, you can’t have too […]

    You Missed

    Tropical Depression Nineteen Public Advisory Number 4

    • By NHC
    • November 14, 2024
    • 2 views

    Gaetz Resigns ‘Effective Immediately’ After Trump AG Pick; DC In Full Blown Panic

    Gaetz Resigns ‘Effective Immediately’ After Trump AG Pick; DC In Full Blown Panic

    Wall Street Is DONE with Disney’s Bob Iger: Hyper Partisan House of Mouse OUT of Favor!

    • By WDWPro
    • November 14, 2024
    • 2 views
    Wall Street Is DONE with Disney’s Bob Iger: Hyper Partisan House of Mouse OUT of Favor!

    Tropical Depression Nineteen Public Advisory Number 3A

    • By NHC
    • November 14, 2024
    • 3 views

    Three Key Energy Moves Trump Plans For His First 100 Days

    Three Key Energy Moves Trump Plans For His First 100 Days

    Israel warfare methods ‘consistent with genocide’: UN committee

    Israel warfare methods ‘consistent with genocide’: UN committee