A former TD Bank Group employee has pleaded guilty in the United States for his role in facilitating a large-scale money laundering operation through the bank. The case is part of a broader investigation into failures in TD’s anti-money laundering controls that resulted in billions of dollars in penalties.
A former TD Bank Group employee has pleaded guilty in the United States to helping facilitate money laundering through the bank, according to U.S. authorities.
Wilfredo Aquino, who worked as an assistant store manager at TD Bank in New York, admitted to using his position between 2019 and 2021 to assist a criminal network in laundering hundreds of millions of dollars. Prosecutors allege the network moved approximately US$653 million through the bank during that period.
Court filings state that Aquino helped process transactions and provided assistance that allowed the operation to function while avoiding detection. In exchange for his role, Aquino received more than $11,000 in retail gift cards.
The individual identified as the leader of the money laundering network previously pleaded guilty in 2022 to coordinating the scheme.
The case follows TD Bank Group’s own guilty plea in October 2024 to multiple charges related to deficiencies in its anti-money laundering program. As part of that resolution, the bank agreed to pay approximately US$3.1 billion in fines and penalties.
TD Bank has stated that it is cooperating with law enforcement and has undertaken a comprehensive effort to strengthen its anti-money laundering controls.
Aquino entered his guilty plea earlier this week. Sentencing has not yet been announced.
