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By Nivedita Balu
TORONTO (Reuters) – A former TD Financial institution worker based mostly in Florida was arrested and charged with facilitating cash laundering to Colombia, New Jersey’s legal professional common mentioned on Wednesday, within the first such arrest for the reason that Canadian lender paid a $3 billion nice.
TD Financial institution’s U.S. arm pleaded responsible in October to conspiracy to commit cash laundering, changing into the primary financial institution within the U.S. to take action. It is also the most important financial institution to plead responsible to U.S. Financial institution Secrecy Act program failures.
Regulators levied hefty fines, an asset cap and requested to put in government-ordered displays for, amongst different issues, failures in TD’s compliance system that enabled laundering of as much as $670 million from the sale of narcotics.
Dozens of individuals have been arrested or charged within the U.S. in reference to cash laundering involving TD lately.
Within the newest case, Leonardo Ayala, 24, who labored at a TD Financial institution outlet in Doral, Florida between February and November 2023, is accused of helping a cash laundering community by issuing dozens of debit playing cards for accounts opened within the names of shell corporations in alternate for bribes, court docket paperwork present.
These accounts have been used to launder proceeds from narcotic trafficking via money withdrawals at ATMs in Colombia, in line with a press release by New Jersey’s legal professional common.
“The investigation has revealed that thousands and thousands of {dollars} have been laundered to Colombia via accounts Ayala serviced,” the assertion mentioned.
Ayala couldn’t instantly be reached for remark.
“We recognized the exercise, reported it, and cooperated intently with authorities of their investigation. We proceed to actively assist their efforts,” a TD spokesperson mentioned.
In October, U.S. officers mentioned TD financial institution workers obtained a minimum of $57,000 in present playing cards in 2020 and 2021 from one felony who moved greater than $400 million in transactions via the financial institution.
In a single case, cash laundering networks deposited funds within the U.S. and rapidly withdrew them utilizing ATMs in Colombia, in the end laundering thousands and thousands, the U.S. Justice division mentioned in October. 5 TD workers conspired with the community, the Justice Division mentioned.
The cost of cash laundering conspiracy carries a most penalty of 20 years in jail and a nice of $500,000 or twice the quantity concerned within the offense, whichever is bigger.
