{"id":136687,"date":"2024-09-03T20:00:44","date_gmt":"2024-09-03T17:00:44","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=136687"},"modified":"2024-09-03T14:45:49","modified_gmt":"2024-09-03T11:45:49","slug":"us-bank-braces-for-massive-2-6-billion-fine-amid-money-laundering-probe","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/us-bank-braces-for-massive-2-6-billion-fine-amid-money-laundering-probe\/","title":{"rendered":"US Bank Braces for Massive $2.6 Billion Fine Amid Money Laundering Probe"},"content":{"rendered":"<p>The bank is under <strong><a href=\"https:\/\/www.reuters.com\/business\/finance\/td-bank-says-continuing-pursue-resolution-anti-money-laundering-probe-2024-08-21\/\" target=\"_blank\" rel=\"nofollow\">investigation<\/a><\/strong> for allegedly enabling Chinese gangs to launder $650 million in drug money between 2016 and 2021.<\/p>\n<p>To address the expected fine, TD Bank has earmarked over $3 billion and is partially divesting its stake in Charles Schwab. The bank has been in discussions with U.S. regulators, including the Department of Justice, over shortcomings in its anti-money laundering (AML) procedures.<\/p>\n<p>In its recent earnings report, TD Bank disclosed a $181 million loss for Q3 of this year, attributed to ongoing investigations into its AML practices. TD CEO Bharat Masrani has prioritized improving the bank\u2019s AML controls and stated that significant efforts are underway to resolve these issues.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/binance-executives-trial-resumes-amid-severe-health-concerns-and-alleged-rights-violations\/\" title=\"Binance Executive&#8217;s Trial Resumes Amid Severe Health Concerns and Alleged Rights Violations\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/legal_law_court_judge-240x170.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Binance Executive&#8217;s Trial Resumes Amid Severe Health Concerns and Alleged Rights Violations<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>The bank aims to finalize a resolution with regulators by the end of the year. TD Bank, headquartered in Wilmington, Delaware, manages over $370 billion in assets and ranks as the 10th-largest commercial bank in the U.S.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TD Bank is setting aside an additional $2.6 billion as it braces for a significant penalty from regulators.<\/p>\n","protected":false},"author":3,"featured_media":84024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-136687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US Bank Braces for Massive $2.6 Billion Fine Amid Money Laundering Probe<\/title>\n<meta name=\"description\" content=\"TD Bank is setting aside an 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