A former TD Bank employee falsified documents to open dozens of accounts and provided concierge-like services to help cash flow across borders, Bloomberg News reported on Monday.
Gerry Aquino Vargas, the now-former retail banker in a Hollywood, Fla., outpost of TD Bank, took a series of $200 US bribes to help clients move millions to Colombia by skirting anti-money-laundering defences, the report said, citing American prosecutors.
“TD, like all financial institutions, works with law enforcement to identify, stop and support the prosecution of criminals,” bank spokesperson Lisa Hodgins said in an emailed statement to CBC News.
“When we became aware of these matters, we took action against these employees, co-ordinated efforts with the [Department of Justice], and have supported their work to bring these criminals to justice.
“More broadly, where our program was ineffective, we have held those leaders accountable and are taking action to drive the changes and meet our obligations,” Hodgins wrote.
The lender is facing a U.S. Department of Justice (DOJ) investigation over its ties to a $653 million US drug money-laundering case in New York and New Jersey, which is related to illegal drug sales and an employee taking a bribe to facilitate the laundering of drug money.
Last year, the bank disclosed it was co-operating with authorities in an investigation into its anti-money laundering compliance program by the DOJ.
