Banking’s Broken Promise: When Compliance Failed and Crime Flourished
When a large bank chooses silence over scrutiny, the damage does not remain confined to balance sheets. It spreads into the economy, erodes public trust, and emboldens criminal networks.The October 2024 settlement against Toronto-Dominion (TD) Bank, which imposed penalties of USD 3.09 billion, and the US Internal Revenue Service’s disclosure of USD 10.59 billion in detected financial crimes in fiscal year 2025, tell a disturbing story. This was not a failure of systems or software. It was a failure of intent.TD Bank allowed nearly USD 670 million in illicit funds to pass through its accounts. More than 90% of transactions went unmonitored. Thousands of mandatory Suspicious Activity Reports were not filed. Employees noticed irregularities and looked away.This is not a warning. It is an...
