The bank, according to the prosecution, failed to take action when employees reported clear signs of misuse, such as a customer depositing $1 million in cash every day, and instead functioned with insufficient safeguards against money laundering for almost ten years.
Restrictions on the lender’s ability to expand in the US are currently in place, along with the largest penalties ever imposed by anti-money laundering legislation.
TD Bank’s CEO declared that the company was accepting “full responsibility” for its mistakes.
According to Bharat Masrani, the bank would be making “the investments, changes and enhancements required to deliver on our commitments” and has the financial stability to weather the storm.
Although the bank stated that the procedure would take several years, it has already started to restructure its anti-money laundering program and has hired over 700 additional employees who are experts in the field.
This is a challenging period in the history of our bank. As CEO, I am sorry to all of our stakeholders for these mistakes that occurred under my direction,” he stated on Thursday.
After ten years as the bank’s head, Mr. Masrani stated this month that he would retire in April 2025.
The biggest lender in US history, TD Bank, has admitted guilt to violations of the Bank Secrecy Act.
