Two bank insiders have pleaded guilty to facilitating money laundering linked to drug trafficking.
The couple facilitated the money laundering process by moving nearly half a billion dollars through accounts mainly in New York and New Jersey, he says US Department of Justice.
One employee, Wilfredo Aquino, who works as a TD Bank store manager, cashed more than 1,600 checks totaling $92 million for the money laundering ring in exchange for gift cards worth about $11,000. Aquino, who pleaded guilty to masterminding money laundering, was sentenced to 46 months in prison.
Another, Edward Low, also known as “Mang Wah Low” and “Eddie Low,” who worked as a sales representative at TD Bank, received more than $26,000 in bribes and shared customer information resulting in approximately $485,000 in fraud. Low, who pleaded guilty in February, was sentenced to 24 months in prison for conspiracy to commit wire fraud.
Prosecutors tied the operation to the fentanyl trade and noted that it made the investigation more sensitive to the bank’s investigation.
The investigation led to the lender agreeing to pay more than $3 billion in penalties while facing limits on its US sales.
The bank says that improving its anti-money laundering strategy remains its top priority and that it has cooperated with the authorities at this time.
Officials add that the agency has invested heavily in operations, training, strategies, and technology to strengthen these mandates.
Follow us X, Facebook and Telegram
Don’t Miss Out – Sign up to receive email notifications straight to your inbox
 
Disclaimer: The views expressed in Daily Hodl are not financial advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any assets including cryptocurrencies, nor is The Daily Hodl a financial advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image Created: Midjourney
