this post was submitted on 20 Oct 2024
44 points (100.0% liked)

Canada

7275 readers
303 users here now

What's going on Canada?

Related Communities

🍁 Meta

🗺️ Provinces / Territories

🏙️ Cities / Local Communities

Sorted alphabetically by city name.

🏒 SportsHockey

Football (NFL): incomplete

Football (CFL): incomplete

Baseball

Basketball

Soccer

💻 Schools / Universities

Sorted by province, then by total full-time enrolment.

💵 Finance, Shopping, Sales

🗣️ Politics

🍁 Social / Culture

Rules

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage: lemmy.ca

founded 4 years ago
MODERATORS
[email protected]
44
Canada-based TD Bank hit with $3B penalty in U.S. money laundering settlement (www.icij.org)
submitted 2 months ago by [email protected] to c/[email protected]
6 comments fedilink hide all child comments
 

The bank agreed to plead guilty to charges that it violated the Bank Secrecy Act in federal court in New Jersey last week. TD also settled a number of civil investigations by the U.S. Treasury’s Financial Crimes Enforcement Network, the Federal Reserve and the Office of the Comptroller of the Currency.

[...]

According to prosecutors, TD Bank’s U.S. unit failed to uphold proper anti-money laundering controls for almost a decade, from 2014 to 2023, during which time prosecutors said numerous criminal enterprises were able to transact through the bank. This included a Chinese drug trafficking group that bribed bank employees and was ultimately able to launder more than $470 million in cash linked to the sale of fentanyl and other illegal drugs, as well as another money laundering scheme that sent tens of millions of dollars to Colombia.

[...]

you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 2 points 2 months ago (2 children)

Who are you with? There isn't much choice outside of Quebec.

Feel free to decline if it's a small bank, don't doxx yourself either 😉

[–] [email protected] 5 points 2 months ago

Good point on dox etc. We have lots of options in BC. Coast Capital, FirstWest, and VanCity are good options here.

TD bank manager actually suggested I open my business account with Coast Capital LOL, he said TD can't compete with what Coast Capital offers.

When I switched I went from 21$ TD monthly fee plus $1.50 debit transactions...to zero fees for anything.

Plus government kicked in $200 as incentive to choose a credit union.

Credit Union also allows us voting on major policy changes, so members have a say in how the union develops.

Profits are fed back into community support.

TD had all my business before. Personal and business account, car, house, motorcycle insurance, RRSP, credit card, line of credit. They got too greedy though, and as I used line of credit they kept re-evaluating the variance. So about a 3% rate rose to 17%. But the real push was watching transaction order get changed overnight to force an NSF fee charge the next day, by counting (reordering) morning deposits last after evening withdrawals.

[–] [email protected] 2 points 2 months ago

I've been really satisfied with Alterna in Ontario for the last decade.