TD Bank caught up in drug money-laundering scheme

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TD Bank has been plagued by concerns about its anti-money-laundering capabilities for over a year. In March 2023, they tried to acquire the U.S. based bank First Horizon Corp. Regulatory issues delayed the acquisition, and in May 2023, the deal fell through.
The extent of TD’s anti-money-laundering issues weren’t clear until now, when it’s revealed that TD is involved in a U.S. investigation of a US$653 million money-laundering and drug-trafficking operation. Tim Kiladze, financial reporter and columnist for the Globe, is on the show to talk about TD’s alleged lack of oversight and what this means for the bank - and its customers - going forward.
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Опубликовано:

22 май 2024

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Комментарии : 126

@Ottotherepoman1 8 дней назад

Here is my TD bank story. 1998-1999 Working as a temp sorting bank deposits at TD College park for all the ontario branches. Newly graduated from customs admin and on the look out for anything. The only native born Canadian working the midnight shift. And I am sure after my experience, the last. I soon noticed that multiple bank accounts, primarily vietnamese were getting daily bank deposits for 9,999 dollars. night after night, month after month. When I reported my suspicions of money laundering to the manager, I was told to shut up or lose my job. This has been going on forever. And its obviously institutionalized.

@jay1645 3 дня назад

Typical and banks AML practices are a front(or scam) to keep regulators at bay. Banks lobby to keep fines low to profits made so if stock drops on headlines on AML is always a buy opp lol

@joananne7802 9 дней назад

This must be the worst bank in Canada. Staff were speculating on Facebook as to how local residents accumulated their money. They went so far as to accuse people of getting stolen credit cards, buying stuff, and selling the stuff they bought. These were bank tellers saying this from their own account. It was disgusting.

@wheressteve День назад

A bank launders money and they are "caught up in a scheme". A person launders money and they are a "money launderer". Note the difference in responsibility for institutions vs individuals.

@dougiep2769 7 дней назад

Jail terms not fines. This is why trust is being lost. These are freaking nation rocking crimes.. a fine is not appropriate

@philippedefechereux8740 8 дней назад

I am an American citizen living in NJ and was - until hearing this news - "in love" with TD Bank as the best customer ervice bank I ever knew, and recommende it to everyone who would listen. I am just writing this in complete shock.

@MrDayna39 9 дней назад

TD Bank, in my opinion, had ethical issues for a while now.

@pretty_troll 7 дней назад

TD has been a boys club at the top since they amalgamated & by boys club i mean homosexual lifestyle

@jay1645 3 дня назад

Banks have no ethics except one .. how much does a leveraged buck return lol

@tonylinardi3089 8 дней назад

Makes one wonder why Casinos and drugs are being legalized...

@MsCGarnica 3 дня назад

We are living in Joe bidens lawless society! It has to stop, and we so need to stop that traitor to our country!! Fjb!

@DStripeM 10 дней назад

If TD is doing this imagine other banks what they do.

@user-yv7dt5je1l 9 дней назад

JPMorgan helped Epstein, and he DIDN'T kill himself. 😂 Eyes wide shut. Keep ignoring the truth or watch the world burn 🤷🏻‍♀️ the choice is yours.

@TheMockatiel 8 дней назад

@KenCheeseBro td is my local bank

@sun_s9067 8 дней назад

That depends on compliance culture at each bank. I work for one of the Big Five banks (obviously not TD). Although we are in a supporting function servicing the Bank and not cutomer facing, we are trianed regularly for compliance including anti money laundering. The message is clear that everyone in the Bank has duty to watch for all irregular activities and report if we come across one. How serious employees take on this and how good the system is to be able to catch such thing depends. However, i have faith in our people that, with regular training and emphasis, we will do the right thing.

@rettbutler1312 15 минут назад

The CEO of TD bank, Bahrat Masrani, who has been settled in Canada for roughly 21 years but working for TD bank for DECADES (immigrated young), is a Ugandan-born immigrant of East Indian descent. Just gonna leave that here.

@IsaacGabriel-kh5ds 10 дней назад

Speaks to corporate culture.

@samgee5908 10 дней назад

I cant even withdraw $2k cash or deposit over $4500 without getting harassed by teller at Canada Trust, this story sounds farfetched!

@ilsevanheerden4976 10 дней назад

Of course YOU can't! Our every move is checked. The rich and corrupt, however, can do what they want.

@badfeng 9 дней назад

The banks, including TD, don't want to give up cash, but if you transfer funds to another institution banks don't tend to hassle you. I think the difference with TD, from the sounds of it, is if you showed up with a mass of cash they wouldn't ask questions.

@ethimself5064 9 дней назад

This is in the USA and TD and laws are very different down there

@MorrisFilmPhoto 8 дней назад

Yaaa,Right! And soon you going to tell me that these same type of (Chinese/Mexican) Criminal Gangs bought up huge amount of Apartments and even whole Blocks, making Inflated Prices for any Apartment; as Bank doesn't care who own these apartments No one with Honest Hard Working Canadian can afford even single room apartments!!! Yaaa, Right! It all sounds like a "Conspiracy" against Hard Working Honest Immigrants from China or Mexico Drug Gangs, owning those Canadian Apartments unseen via Banks and Equity Companies like "WhiteFeather" 😂💯🐼💥 NoNoNo all Canadian Banks are Honest and All Apartments are Bought Up with Honest Hard Working Class Canadians!!! SureSure 👋

@BirdTrainingClub 8 дней назад

That’s because we are peasants without the right management connections.

@debbie6921 7 дней назад

I knew I left them for a reason. They also froze people's bank acct's . Glad I got my money out.

@christosp.tsonis6194 11 дней назад

Ashamed for the CEO. TD used to be a good bank. Is this incompetent and corrupt CEO still in power, what does the board do about it?

@phaldaz 8 дней назад

Great reporting guys!

@esparda07 8 часов назад

"Eventually, they realized..." ...No, the bank was complicit.

@absolutetruthgirl 3 дня назад

Remove your money from this "bank" pronto.

@christinarosed.p.1967 5 дней назад

We want to be like Argentina. They rejected the WEF and are recovering!!!

@James-xu3vc 12 дней назад

TD fired my daughter from her job - unjustly. Punishment comes in strange ways. 😂

@Mpg972 8 дней назад

Yes indeed but the customers shareholders and staff will mow all be potential down by the fine amounts

@kellyprice1024 День назад

No more hiring of a certain race in my bank.

@taliajournee212 5 дней назад

TD knew it's own involvement, regular $2M deposits at a BRANCH??????

@azv343 10 дней назад

Thank goodness I avoided them like the plague.

@Ricci-gf6ny 9 дней назад

Hello poor people do not launder money .

@EMan-cu5zo 9 дней назад

They have nothing to launder.

@parkerbohnn 4 дня назад

It's the Chinese way of life and that will never change.

@lucrtrvl 2 дня назад

I’ve had an unpleasant customer service experience with TD bank in NJ a few times. Closed my account with them, never looked back. They were arrogant and rude just because they could. Never saw such strange staff behavior in any other bank in US.

@kellyprice1024 День назад

I had the same problem until yesterday. I must have gotten the very best person in the branch. She was so very nice. Mortgage free now. Finally!

@GMAN420BC 10 дней назад

Nothing will happen. Bad headlines never affect a bank. To have change, you actually have to prosecute. If there's no consequences, there's no problem

@kellyprice1024 День назад

Check resignations. Who stepped down.

@_basevinyl 9 дней назад

They said crypto was bad, turns out they were just deflecting.

@moomagpie4265 11 дней назад

I've had horrible customer service at TD on Elgin, Ottawa. Submitted a complaint and haven't heard back in 6 months.

@kellyprice1024 День назад

You should see the pathetic Christmas decorating in branches. Lots of packing tape used.

@hiltonwatkins6750 10 дней назад

Got to make us wonder when a management team does not react with complete transparency and clear exposure of any problems found… wow. There must be something terrible going on at the top levels in countries. Let’s force them to open up…

@Devilcity6275 9 часов назад

This is why TD still continue to charge for everything, so their button and Profit can be larger. Disgusting. Customer should get some of the profits. ❤

@aggierowe9574 10 дней назад

NYC is now a cesspool more than ever. Glad I left

@OleGit1497 8 дней назад

Where is the financial monitoring and controls at the higher levels of management.

@MrEuroWolfie 9 дней назад

My wife/company bookkeeper was refused to deposit regular weekly cheques in the company account using my card and PIN (only deposit nothing else) saying that she isn't the cardholder..ps I asked for a card for her before and that wasn't an option.. it's never an average teller that can get this slide through, it's always a higher up greased to get the process rolling. After that if the account setup with the right notes or structure whatever it needs, the people laundering can just walk in any locations and just hand over a bag full of cash inserting the card and any teller will see the account structure and process the money without a hassle

@studlyhungwell 13 дней назад

TD has representatives who attend bilderberg meetings. Nothing is accidental.

@badfeng 9 дней назад

We live in mafia states.

@bernl178 13 дней назад

Great reporting interesting topic

@NumberSeven1 7 дней назад

No UAR filed???

@rettbutler1312 17 минут назад

@handzus19 11 дней назад

Arts degree holders are running Canada. What do you expect?

@tushan1013 13 дней назад

Bharat needs to be held accountable for these issues. Under his leadership TD has fallen further and further from grace. Under Ed Clark, this kind of crap wouldn’t have happened.

@tigalbaby 12 дней назад

He certainly should be held accountable as CEO. But under his leadership TD has grown its US presence in a significant way . A fly always makes a tasty soup un palatable. But in this case remove the irritant and all will be well .

@user-ry6ln7od3q 3 дня назад

Now I know why they just closed our good little TD bank in my home town In Alberta.

@SassySealion 16 часов назад

“Caught up in” a scheme? Frankly I find that hard to believe given that TD (my experience) is so nutso that they will refuse to perform their own contracts to avoid the labour cost of probably about half an hour without a care in the world of the consequences. It’s what happens when an attitude of impunity and enabling bonus structures collide.

@Mpg972 8 дней назад

Dont these tellers have supervisors this sounds like horseshit to me . And the lets get rid of cash mantra

@dougiep2769 4 дня назад

How much blood of canadians are on the blood stained hands of these people..jail not fines

@MickeySn 14 дней назад

If someone don’t tell you the true, means they know something. “Problems crossed a lot” means a lot rich involved in it.

@daveh5625 11 дней назад

Poor service and less then smart people at the main branch in Calgary...

@songsabai3794 День назад

I need Google-translator to communicate with my TD branch 😁

@CedroCron 14 дней назад

Yes I'd like to deposit these bags of cash... No problem sir, right this way. Like who dropped the ball? You mean to tell me no one, not a single person raised an eyebrow? Come-on!

@bartkorol611 13 дней назад

Because one of the bags just dropped... And the peoples eyes met and they said, not mine. Business carried on.

@EMan-cu5zo 9 дней назад

This used to be normal to deposit cash. I remember years ago I worked in the restaurant business and almost every night we would deposit a large sum of money. At least enough that would raise flags currently. I think it’s a bad thing personally. I don’t want them to know what I am doing with my business. It’s hard to hold over a few thousand dollars anymore.

@kellyprice1024 День назад

Cassinos

@pernilsson9749 9 дней назад

But..... was it not an US stock Exchange company that have sold syntetic opiats and such, during last tens of years, that was the colprits?

@svenhodaka9145 14 дней назад

I’d like to deposit this money 💰💰💰💰💰💰💰💰💰from my small family dry cleaning, laundry and carwash business. 😉 This “uncertainty” period is an excellent opportunity to accumulate shares of TD. It my be painful in the short term but the bank will come out of this stronger on the other end. 📈

@user-un7el8sf4y 14 дней назад

So drug dealers can work for the government or for the drug cartel. What’s the difference

@EMan-cu5zo 9 дней назад

They just want their cut of the drug sales. They couldn’t care less about the people.

@kellyprice1024 День назад

The government are the dealers. If they didn't want the drugs coming in, they could stop it. BC legalising drug use and in children's playgrounds to boot.

@raymondgagne8363 10 дней назад

All Canadian banks need strict investigations/audits to make sure it is not going on here too. The federal government need to do their jobs and make sure money laundering doesn’t happen here also, I’m sure it is happening here too.

@marilyncourteau8951 10 дней назад

the govt is moneylaundering central

@EMan-cu5zo 9 дней назад

It happens everywhere

@cornmancoocookachew7515 День назад

Everyone one that put their hands on the money go's to jail, hangman is comin down and they don't have very long. thx

@NicholasWingComposer 13 дней назад

The alleged bribed teller employees should also be drug tested to shed light on direct involvement in the criminal activity generating the illicit revenue. Further, teller's could receive illicit cocaine bribes to carry out money laundering transactions.

@jimmyb6842 11 дней назад

Everyone is employed from the inside silly😂. Every money exchange center, call center, and bank😂

@tigalbaby 13 дней назад

So TD is involved in laundering ???? Not some staff members at TD? And have other banks been investigated ? Why TD alone . Suspect that the US has targeted a Canadian company and conveniently left out Well Fargo etc!!! TD is an outstanding franchise which like all firms have a few dishonest staff members. Will continue to hold TD .

@IsaacGabriel-kh5ds 10 дней назад

Keep drinking the Kool-Aid.

@tigalbaby 10 дней назад

@@IsaacGabriel-kh5ds Ah Jim jones reincarnated .

@Jeremihayes75 8 дней назад

Was they using bitcoin? Lol

@co59720 10 дней назад

🥱

@user-lf5oh7um7y 6 дней назад

I have had excellent service at TD. They are so quick when someone is messing with your account. And the employees are always so helpful. I'm going " WHAT"...