TORONTO – The U.S. Department of Justice says a former TD Bank Group employee has been arrested and charged for allegedly facilitating money laundering at the bank.
The arrest is the latest development in an investigation into money laundering at the bank that led to more than US$3 billion in fines against TD in a settlement announced in October.
The U.S. Justice Department says the 24-year-old former employee arrested Tuesday had worked at a TD Bank location in Doral, Fla., where, starting in June 2023, he allegedly assisted a money laundering network by issuing dozens of debit cards for shell companies in exchange for bribes.
It says the accounts were allegedly used to launder millions of dollars in drug proceeds through cash withdrawals at ATMs in Colombia.
In a statement, TD says it identified the activity, reported it and co-operated with authorities in their investigation and that it continues to support their efforts.
The U.S. Department of Justice said in October that it had already charged two TD insiders related to money laundering and that part of TD’s plea agreement requires it to co-operate with ongoing investigations of individuals.
