Last year, TD Bank pleaded guilty to conspiracy and money laundering and agreed to pay a $3 billion penalty.
TD Bank pleaded guilty to conspiracy to money laundering
Banks accept restrictions on their growth and will be monitored by federal regulators for at least three years for their role in money laundering.
TD Bank has closed nearly 40 locations this summer after valuing existing stores.
Cherry Hill, New Jersey, confirmed that the New Jersey-based National Bank, after a recent analysis, had “made a difficult decision to close 38 locations on June 5th.”
A bank spokesperson regularly assessed existing TD banking stores as part of their usual business practices and said it could “contribute to closure, consolidation or relocation.” The assessment allows banks to better match their network of stores with “customer needs and preferences,” he added.
“We are committed to making this transition as smooth as possible for our impacted customers and colleagues, and look forward to delivering it at any of our over 1,000 TD bank locations, or through our digital banking products and services,” the spokesman said.
The bank plans to close several locations, but a spokesman said it recently opened two new stores in New York (Brooklyn, Brooklyn, Jerome Avenue, the Bronx) and three new stores in Boston (Nubia Square).
Which TD Bank locations are closed?
According to the office of the Secretary of Currency Data, the locations of TD banks that close include:
TD Bank pleaded guilty to money laundering violations in 2024
Last year, TD Bank agreed to pay more than $3 billion in penalties after becoming the largest bank in US history to plead guilty to a federal money laundering crime.
According to the government, TD Bank has over the years ignored red flags from high-risk customers and created a “convenient” environment for bad actors to exploit.
“TD Bank chose profits over compliance to keep costs down,” Attorney General Merrick Garland said at a press conference at the time that TD was the largest bank to admit to violating the bank’s secret laws.
At the time, CEO of the new TD Bank, Ray Chun, said that financial institutions will “make the necessary changes to put the bank on a stronger foundation.”
“This is TD’s number one priority and my top priority,” Chun said during an October 2024 conference call.