The Justice Depart is investigating TD Bank’s internal controls after agents reveal New York New Jersey operations laundering hundreds of millions of dollars from Illicit drugs through TD and other banks and the Wall Street journal. https://www.wsj.com/articles/td-bank-probe-tied-to-laundering-of-illicit-fentanyl-profits-aae71243?mod=hp_minor_pos11 TD has also reported three other anti-money laundering investigations.
In a s 2023 case, the U.S. Attorney’s Office in New Jersey charged TD employee. Oscar Marcelo Nunez-Flores, with taking bribes and using his position to facilitate the laundering of millions of dollars in drug proceeds. He worked in the I TD branch in Scotch Plains, with taking bribes and using his position to facilitate the laundering of millions of dollars in drug proceeds.
The Financial Crimes Enforcement Network, has since 2018 warned financial institutions under its supervision of the threat posed by networks of Chinese money-laundering organizations. In a national money-laundering risk assessment released this year, FinCEN said the groups have become increasingly prevalent and now represent one of the most significant money-laundering threats facing the U.S. financial system.
TS has set aside $450 million to resolve on of the investigations.
Jeffrey Newman is a whistleblower lawyer and former reporter, whose firm represents whistleblowers in healthcare fraud cases under the False Claims Act (FCA) and also under the Securities and Exchange, FINCEN and CFTC whistleblower programs. He can be reached at Jeff@JeffNewmanLaw.com or at 866-330-512TD Bank probe
