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How TD Became America’s Most Convenient Bank for Money Launderers
Key Excerpts from Article on Website of Bloomberg
Posted: July 7th, 2025
https://www.bloomberg.com/news/features/2025-03-18/the-crimi...
Da Ying “David” Sze walked out of a four-story concrete warehouse in Queens, New York, carrying several bags full of money. Federal agents had been surveilling him for months. They suspected him of leading a gang of money launderers whose clients included Chinese fentanyl dealers. Most of that business had been conducted at one institution: TD Bank. When investigators looked closer at the bank, they realized Sze wasn’t the only criminal who’d made TD their depository of choice. There was the group from Manhattan’s Diamond District using bogus gold sales to launder money. The Colombian drug traffickers using TD debit cards to bring their US profits back home. And the human trafficking ring that claimed to be an HVAC company when it opened an account. The more investigators looked at TD, the more money laundering they found. Last year, TD’s American subsidiary became the first US bank ever to plead guilty to conspiracy to commit money laundering. The company agreed to pay $3.1 billion in fines to various parts of the federal government, a sum that included the biggest penalty ever levied by the Department of Justice under the Bank Secrecy Act, the main US anti-money-laundering law. More than two dozen people, including three bank employees, have already been charged. US authorities have also imposed an asset cap on TD’s American retail operations, limiting their size indefinitely. This is among the most feared punishments in banking.
Note: Read our Substack on the dark truth about the war on drugs. For more along these lines, read our concise summaries of news articles on financial industry corruption and the war on drugs.
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