INSIDE COMPLIANCE

Toronto Dominion Bank, known as TD Bank, is one of the largest banks in the United States. In early October of this year, TD Bank agreed to pay almost $2 billion in penalties for its involvement in money laundering practices and “violations of the Bank Secrecy Act (BSA).” Over the span of a decade, TD Bank failed to stop hundreds of millions of dollars worth of drug money from flowing through its system and became a common bank for criminal enterprises to use. Attorney General Merrick B. Garland discussed how TD Bank made “its services convenient for criminals” when they decided to maximize their profit margins over complying with the law.