Former TD employee in U.S. charged for money laundering

A former TD Bank employee in Florida has been arrested and charged with allegedly facilitating money laundering.

The U.S. Department of Justice (DoJ) announced that Leonardo Ayala, 24, has been charged with one count of conspiracy to commit money laundering for his alleged role in facilitating money laundering in Colombia.

According to court filings, Ayala, who worked at TD in Florida between February and November 2023, “allegedly exploited his position as a bank employee to facilitate money laundering” beginning in June of that year.

“As alleged, after another TD Bank employee opened accounts in the names of shell companies with nominee owners, Ayala assisted the money laundering network by issuing dozens of debit cards for the accounts in exchange for bribes,” the DoJ said.

“Those accounts were then allegedly used to launder millions of dollars in narcotics proceeds through cash withdrawals at ATMs in Colombia,” it said.

The allegations have not been proven.

Ayala made an initial appearance on Tuesday in a Miami federal court, and future court proceedings will take place in New Jersey.

In a statement to The Canadian Press, TD said it identified the activity, reported it and co-operated with authorities in their investigation and that it continues to support their efforts.

In October certain U.S. subsidiaries of TD pled guilty to multiple criminal charges, including conspiracy to commit money laundering, as part of a global resolution to DoJ investigations into the bank’s alleged anti–money laundering failures.

That resolution included US$3.1 billion in sanctions and a cap on the activities of its two U.S. subsidiaries.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.