US regulators have found evidence that TD’s anti-money laundering fraud detection is insufficient
For months, analysts have predicted a fine in the range of US$500-million to US$1-billion, but that’s now jumped. “We believe cumulative fines could easily hit $2-billion,” Mr. Dechaine wrote.
Meanwhile, in Canada, TD is facing record fines (archive) from Canadian regulators.
Like what?
There is a difference in passively not reporting something that is probably obviously money laundering, and actively funding something harmful.
Don’t get me wrong, drug money isn’t clean, but funding war or investing in oil and gas companies probably does more harm.
Like $10B in ‘earnings’ made by investing other peoples money and charging them fees.