The DOJ now confirms the illegal bribery of TD Bank officials occurred for over three years as execs deposited ‘blood money’ from disgraced activities.

Last week, two U.S. subsidiaries of Canada’s second-largest bank agreed to pay a whopping $3 billion in fines after pleading guilty to money laundering conspiracy charges, marking a significant setback for the bank.

The latest TD Bank news has shuttered trust within the public.

U.S. regulators responded by imposing an asset cap and other business restrictions, actions that emphasize the seriousness of the offenses committed.

According to the U.S. Justice Department, senior executives at the bank made light of money laundering issues and neglected to implement adequate controls to prevent criminal activities during an aggressive expansion in the U.S.

One criminal, David Sze, based in Queens, New York, was allowed to transfer over $470 million through TD Bank over three years, depositing large sums of cash into accounts opened under other people’s names.

Sze reportedly bribed bank officials while laundering proceeds from drug trafficking and other illegal activities, per DOJ reports.

The decade-long inability to detect these illicit activities raises concerns about the effectiveness of oversight by the bank’s board, as highlighted by the Globe and Mail on Wednesday.

TD CEO Bharat Masrani, who plans to retire next year, described the plea as “a sad day in our history.”

The timing is quite a coincidence.

This significant failure in the U.S. underscores what experts view as persistent shortcomings in Canada’s regulatory framework concerning money laundering.

Separately, TD Bank has also been found guilty of manipulating the market and has agreed to pay over $20 million to the SEC.

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Also Read: TD Bank Execs Behind Illegal Activities May Now Face Prison Time

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