May 2 (Reuters) – A U.S. Department of Justice (DoJ) investigation into TD Bank (TD.TO), opens new tab is focused on how Chinese drug traffickers and crime groups used the Canada’s second-largest lender to launder their money from fentanyl sales, the Wall Street Journal reported on Thursday.
The bank disclosed last year that it was cooperating with authorities in an investigation into its anti-money laundering compliance program by the DoJ.
The investigation was initiated after agents uncovered an operation in New York and New Jersey that laundered hundreds of millions of dollars in proceeds from illicit narcotics through TD and other banks, the WSJ reported, opens new tab, citing court documents and people familiar with the matter.
“Criminals constantly seek to use banks to launder money. Regrettably, our U.S. AML program did not effectively thwart these activities,” a TD Bank spokesperson said in an emailed statement to Reuters.
Source: REUTER
