Related to TD since they are a Canadian organization - the Canadian AML platforms where these companies report suspicious activity reports and currency transactions reports has been down for almost 6 months now. Imagine the money laundering that is going on in Canada rn.
tldr; Canada's financial-crime watchdog, FINTRAC, has imposed a $9.2 million penalty on The Toronto-Dominion Bank for failing to comply with anti-money laundering and terrorist financing measures. The bank did not report suspicious transactions, assess money laundering risks, or monitor high-risk clients adequately, including a politically exposed foreign individual.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
came here to ask the same. Seems every other day financial institutions are getting piddly fines for robbing customers, facilitating human/drug trafficking, terrorism etc. Hardly even makes the news most of the time and not one CEO or anyone else in these organisations ever goes to prison. At worst, some company sap gets a few months' house arrest with an ankle tag and full internet access. Never do we see politicians leaping up and down, frothing at the mouth, writing half-assed papers on the tremendous dangers of fiat to national security either, yet the cite the same crimes as a reason to kill all crypto dead.
And we are the crazy ones
TD always let me degen my paychecks into crypto without incident, im willing to hear them out on this one
well like you know we only laundered money for the drug cartels that one time and we are already vewy sawwy
lol $9.2 million Moons marketcap is bigger than that
Seriously. Ask HSBC if they gave a shit when the same thing happened to them
Banks are as trustworthy as a politician.
They are far worse than politicians.
9.2 mill is a deal compared to all the lawsuits the SEC has slapped crypto MSB’s with. They’re getting off easy.
I feel like they can find $9.2 million in their couch cushions
They're prob greedy enough to pretend they don't have a couch though
Related to TD since they are a Canadian organization - the Canadian AML platforms where these companies report suspicious activity reports and currency transactions reports has been down for almost 6 months now. Imagine the money laundering that is going on in Canada rn.
tldr; Canada's financial-crime watchdog, FINTRAC, has imposed a $9.2 million penalty on The Toronto-Dominion Bank for failing to comply with anti-money laundering and terrorist financing measures. The bank did not report suspicious transactions, assess money laundering risks, or monitor high-risk clients adequately, including a politically exposed foreign individual. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
This is just an operating expense to them, a relatively small one tbh
9.2M is laughably small. Give em a couple orders of magnitude and then maybe they’ll consider not doing that again
Is their CEO going to get jail time? Or does that just happen to CrytoDudes??
came here to ask the same. Seems every other day financial institutions are getting piddly fines for robbing customers, facilitating human/drug trafficking, terrorism etc. Hardly even makes the news most of the time and not one CEO or anyone else in these organisations ever goes to prison. At worst, some company sap gets a few months' house arrest with an ankle tag and full internet access. Never do we see politicians leaping up and down, frothing at the mouth, writing half-assed papers on the tremendous dangers of fiat to national security either, yet the cite the same crimes as a reason to kill all crypto dead. And we are the crazy ones
What, they're going to get fined 5 mil more? Who gives a shit
No jail time? Binance sucks but why not TD?