Former Florida TD Bank employee charged in cartel money laundering scheme
CNN
A former Florida-based TD Bank employee was arrested for his alleged role in a massive money-laundering scheme by drug cartels for which the US government previously fined the bank $3 billion.
A former Florida-based TD Bank employee was arrested for his alleged role in a massive money-laundering scheme by drug cartels for which the US government previously fined the bank $3 billion. The US attorney’s office in the District of New Jersey announced that Leonardo Ayala, 24, was arrested and charged on one count of money laundering conspiracy. The arrest follows the record fine TD Bank faced in October, after the US Department of Justice said it had “long-term, pervasive, and systemic deficiencies” in its procedures for monitoring transactions. More than 90% of transactions went unmonitored between January 2018 to April 2024, which “enabled three money laundering networks to collectively transfer more than $670 million through TD Bank accounts,” according to a previous legal filing. It’s rare for the government to go after an individual bank employee in this kind of case. But Justice and Treasury department officials have grown more concerned in 2024 by cartels’ use of the US banking system to launder proceeds from the sale of fentanyl and other drugs. Couriers laundering money for the cartels “are opening accounts in banks big and small here in the US,” a senior Treasury official told CNN in May.
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