Thank you, Deputy Secretary Adeyemo. I’m Nicole Argentieri, head of the Criminal Division. Today, we are announcing the guilty plea of TD Bank, the 10th largest retail bank in the United States, for Bank Secrecy Act violations and money laundering. Over the course of a decade, TD Bank placed profits over compliance, prioritizing a “flat cost paradigm” that limited spending across the bank — including on the bank’s anti-money laundering (AML) compliance program, despite growing risks — even while profits soared.
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