TD Bank to pay Billions in fines after making the bank easy for money laundering

Financial Advisors Say The Darndest Things

In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway delves into a historic financial scandal involving TD Bank, which has been fined a record-breaking $3 billion by U.S. authorities for money laundering violations. He explores how this case sheds light on the financial industry's vulnerabilities to criminal networks, especially drug cartels, and discusses the responsibilities financial institutions have in preventing illegal transactions. Tune in as A.B. breaks down key insights from the court case, regulatory implications, and what everyday listeners need to know to safeguard their own finances.

3 Key Takeaways:

1. Historic Fine and Admission of Guilt TD Bank faced a record-breaking $3 billion fine from U.S. regulators, marking the first time a bank has pleaded guilty to conspiracy to commit money laundering in the United States. This fine is part of a larger crackdown on financial institutions involved in illegal activities.
2. Cartels and the Compliance Gap For nearly a decade, TD Bank allegedly enabled criminal organizations to launder money through its system by bypassing compliance protocols. This involved 92% of transactions going unmonitored, which amounted to approximately $18.3 trillion over six years.
3. Implications for Financial Integrity The case sheds light on the responsibilities of banks to detect and report suspicious activities. With measures like Know Your Customer (KYC) and Customer Due Diligence (CDD) in place, the question arises as to why TD Bank’s internal processes failed to prevent these actions.

3 Notable Quotes:

• "By making its services convenient for criminals, TD Bank became one." — Attorney General Merrick Garland
• "This is the first time a bank has admitted to these charges... in most cases, banks settle and neither confirm nor deny the charges." — AB Ridgeway
• "Anti-money laundering is an international web of laws... aimed at uncovering money disguised as legitimate income." — AB Ridgeway

These insights emphasize the importance of robust compliance measures in banking and the severe consequences when these systems fail to prevent illicit activities.

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.