(Reuters) – TD Bank is close to pleading guilty to criminal charges that its U.S. retail bank failed to rein in money laundering and illegal sales of fentanyl linked to a Chinese criminal organization, Wall Street said. The Journal reported on Friday.
Canada's second-largest lender is in talks with U.S. federal prosecutors, and its U.S. retail unit is expected to file a deposition within two weeks, the people said, citing anonymous sources familiar with the matter.
TD Bank and the U.S. Department of Justice did not respond to requests for comment from Reuters. In May, the bank announced it had begun a comprehensive review of its anti-money laundering programs in the U.S. and globally.
At the time, the bank was the subject of regulatory investigations into its money laundering compliance programs in Canada and the United States, and announced it had invested more than C$500 million ($400 million) to repair its programs and strengthen its platform. I was doing it.
According to the paper, U.S. authorities allege that TD was reckless in failing to establish and maintain systems to prevent money laundering.
The parent company has secured more than $3 billion to help resolve the U.S. government investigation, the paper said.
In May, the newspaper reported that the Department of Justice was involved in the investigation after investigators in New York and New Jersey laundered hundreds of millions of dollars in illegal drug proceeds through TD Bank and other banks. has launched an investigation into the bank.
(1 dollar = 1.3512 Canadian dollar)
(Reporting by Shivani Tanna in Bengaluru; Editing by William Mallard)
