TD Bank Employees Sentenced for Massive Money Laundering Scheme

Two former employees at TD Bank have been sentenced to prison after admitting they helped a money laundering ring move massive amounts of illicit cash. The U.S. Department of Justice confirmed that Wilfredo Aquino and Edward Low facilitated hundreds of millions of dollars in suspicious transactions. These funds were linked to drug sales, including fentanyl trafficking.

Aquino, who served as an assistant store manager, processed over 1,600 official checks totaling $92 million. In return, he accepted gift cards worth roughly $11,000. He received a 46 month prison sentence. Low, a retail employee, took over $26,000 in bribes to leak private customer data. He was sentenced to 24 months in prison for his involvement in wire fraud.

The criminal activity triggered a massive probe into the bank, forcing the institution to pay over $3 billion in penalties. Regulators also placed strict limits on the bank's ability to grow its U.S. retail assets. The bank has since stated that upgrading its anti money laundering systems is a priority and that it is working to fix its monitoring lapses.

This case highlights the scrutiny traditional financial institutions face regarding their internal controls. For crypto investors, this serves as a reminder that regulators remain focused on stopping money laundering across all financial sectors, whether digital or traditional.