TD Bank manager sentenced for $92M money laundering; bank pays $3B and overhauls AML compliance
Key Questions
What sentences were given to the former TD Bank employees involved in the money laundering scheme?
TD Bank manager Aquino was sentenced to 46 months in prison for processing $92M in checks as part of a $474M laundering network. Colleague Low received a 2-year sentence for related involvement.
What penalties and reforms has TD Bank implemented following the AML violations?
The bank reached a $3B settlement and is overhauling its AML compliance program. This includes deploying AI monitoring and enhanced KYC procedures to strengthen controls.
How did the TD Bank employees facilitate and conceal the money laundering activity?
Aquino processed checks for criminal clients while concealing transactions on CTRs despite colleague warnings. In return, Aquino received $11k in gift cards as compensation for the scheme.
TD Bank manager Aquino sentenced to 46 months for processing $92M in checks for criminal clients as part of a $474M money laundering network; colleague Low sentenced to 2 years. Aquino concealed transactions on CTRs despite colleague warnings and received $11k in gift cards. Bank reached $3B settlement and is overhauling AML with AI monitoring and enhanced KYC. Sentencing and settlement provide concrete control lessons for insider-threat detection and AML controls.