(Bloomberg) -- A US law-enforcement probe into Toronto-Dominion Bank’s internal controls is tied to the laundering of hundreds of millions of dollars in...
-- A US law-enforcement probe into Toronto-Dominion Bank ’s internal controls is tied to the laundering of hundreds of millions of dollars in proceeds from illegal drug sales, the Wall Street Journal reported.The US Department of Justice launched an investigation after discovering evidence of a drug-money-laundering operation in New York and New Jersey, the Journal said Thursday, citing court documents and people familiar with the matter.
The statement doesn’t name any specific bank. The Journal, citing people familiar with the matter, said that the investigation focused on the money launderers’ use of one particular bank, and it was Toronto-Dominion. The Journal also cited the previously reported case of Oscar Marcelo Nunez-Flores, a former Toronto-Dominion branch employee in New Jersey who was charged in October with accepting bribes to facilitate millions of dollars in money laundering tied to drug proceeds. That case remains in court.Toronto-Dominion’s $13.4 billion deal to buy Memphis-based First Horizon Corp. was called off a year ago after it became clear that the Canadian bank couldn’t get timely regulatory approval for the deal.
The Wall Street Journal The Journal Laundering Toronto-Dominion Bank US Department Of Justice Illegal Drug Sales Da Ying Sze
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