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TD Bank to Close 38 Locations After Money Laundering Fine

3/16/2025

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Summary

Story summary

TD Bank will close 38 locations, including six in New Jersey, starting June 5.
This decision follows a guilty plea for money laundering, leading to a $1.8 billion penalty.
Affected states include New York, New Hampshire, and Maine, leaving 216 stores in New Jersey.
The bank seeks to better align its network with customer needs and preferences.

History

Historical Context

TD Bank's closure of 38 locations stems from a guilty plea for money laundering, reminiscent of the Danske Bank scandal, which revealed massive financial misconduct in Europe. Past failures in anti-money laundering regulations have prompted banks to reevaluate their operations, aligning with current customer needs amid heightened scrutiny.

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Story summary

TD Bank will close 38 locations, including six in New Jersey, starting June 5.
This decision follows a guilty plea for money laundering, leading to a $1.8 billion penalty.
Affected states include New York, New Hampshire, and Maine, leaving 216 stores in New Jersey.
The bank seeks to better align its network with customer needs and preferences.

1 / 2