A former TD Financial institution worker primarily based in Florida was arrested and charged with facilitating cash laundering to Colombia, New Jersey’s legal professional normal stated on Wednesday, within the first such arrest for the reason that Canadian lender paid a $3 billion nice.
TD Financial institution’s US arm pleaded responsible in October to conspiracy to commit cash laundering, changing into the primary financial institution within the US to take action. It is also the biggest financial institution to plead responsible to US Financial institution Secrecy Act program failures.
Regulators levied hefty fines, an asset cap and requested to put in government-ordered displays for, amongst different issues, failures in TD’s compliance system that enabled laundering of as much as $670 million from the sale of narcotics.
Dozens of individuals have been arrested or charged within the US in reference to cash laundering involving TD lately.
Within the newest case, Leonardo Ayala, 24, who labored at a TD Financial institution outlet in Doral, Florida between February and November 2023, is accused of aiding a cash laundering community by issuing dozens of debit playing cards for accounts opened within the names of shell corporations in change for bribes, court docket paperwork present.
These accounts had been used to launder proceeds from narcotic trafficking via money withdrawals at ATMs in Colombia, in response to an announcement by New Jersey’s legal professional normal.
“The investigation has revealed that millions of dollars were laundered to Colombia through accounts Ayala serviced,” the assertion stated.
Ayala couldn’t instantly be reached for remark.
“We identified the activity, reported it, and cooperated closely with authorities in their investigation. We continue to actively support their efforts,” a TD spokesperson stated.
In October, US officers stated TD financial institution workers obtained a minimum of $57,000 in reward playing cards in 2020 and 2021 from one legal who moved greater than $400 million in transactions via the financial institution.
In a single case, cash laundering networks deposited funds within the US and rapidly withdrew them utilizing ATMs in Colombia, finally laundering thousands and thousands, the Justice Division stated in October.
5 TD workers conspired with the community, the Justice Division stated.
The cost of cash laundering conspiracy carries a most penalty of 20 years in jail and a nice of $500,000 or twice the quantity concerned within the offense, whichever is bigger.
