According to a statement made by U.S. Attorney Philip R. Sellinger for the District of New Jersey on October 10, TD Bank has placed more importance on growth and convenience rather than fulfilling its legal obligations. Sellinger further stated that due to significant and widespread negligence in supervision, the bank deliberately neglected to oversee trillions of dollars worth of transactions, including ACH transactions, checks, transactions involving high-risk countries, and peer-to-peer transactions. As a consequence, hundreds of millions of dollars from money laundering networks, including funds for international drug traffickers, were able to pass through the bank without detection.
