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Democratic Senator Elizabeth Warren requested the Department of Justice to clarify why it didn’t cost high-ranking executives at Toronto-Dominion Bank over the lender’s failure to stop cash laundering.
Warren additionally pressed the Justice Department over why it didn’t cost Toronto-Dominion with cash laundering, slightly than conspiracy to launder cash — to which the financial institution pleaded responsible this month.
A responsible plea to money-laundering fees would have triggered the financial institution “dying penalty” provision by the Office of the Comptroller of the Currency, which Warren mentioned would have required the regulator to serve Toronto-Dominion with a discover of intent to terminate the financial institution’s constitution and maintain a listening to over a possible revocation.
She made the claims in a letter to Attorney General Merrick Garland and Deputy Attorney General Lisa Monaco dated Wednesday and distributed Thursday.
“These charging choices symbolize absurd authorized gymnastics by DOJ that finally have allowed the financial institution and its high executives to keep away from full duty for his or her actions,” Warren mentioned. “This shouldn’t be an appropriate consequence.”
A consultant for Toronto-Dominion declined to remark Thursday. Representatives for the Justice Department didn’t instantly reply to a request for remark.
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TD Bank dangers ‘misplaced decade’ in money-laundering scandal
Toronto-Dominion can pay virtually US$3.1 billion in fines and different penalties and face a cap on its United States retail-banking property after admitting to a task in three money-laundering schemes.
TD Bank’s anti-money-laundering program failed on many ranges to detect suspicious actions and report them to monetary authorities, in keeping with prosecutors.
— With help from Chris Strohm.
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