A former employee of Toronto-Dominion Bank (TD) in New York has entered a guilty plea for his role in a significant money-laundering operation that moved hundreds of millions of dollars through the Canadian bank's U.S. branches.
Details of the Guilty Plea and Scheme
According to the United States Department of Justice (DoJ), Wilfredo Aquino, who worked at a TD branch in Midtown Manhattan, processed approximately 1,680 bank cheques with a total value exceeding US$92 million for a criminal network. Nearly all these cheques were for amounts over $10,000, which should have triggered mandatory currency transaction reports to authorities.
The network was allegedly led by Da Ying Sze, also known as David, who himself pleaded guilty in February 2022 to charges including coordinating a US$653-million money-laundering conspiracy, running an unlicensed money-transmitting business, and bribing bank employees. While the group used multiple TD branches, the DoJ stated that "nobody processed more transactions for David's network at the Midtown Manhattan store than Aquino."
Ignored Warnings and Accepting Bribes
The case reveals serious internal failures. The DoJ alleges that Aquino was aware other TD branches had shut down accounts linked to Sze due to suspicious activity. A colleague even warned him that the transactions looked like money laundering. Despite this, Aquino never filed the required reports.
In return for his assistance, Aquino accepted numerous retail gift cards worth more than US$11,000 in total. He pleaded guilty to conspiring to launder monetary instruments and is scheduled for sentencing on May 12. The charge carries a maximum penalty of 20 years in prison and a substantial fine.
Broader Context for TD Bank
This guilty plea is not an isolated incident for TD Bank in the United States. In December 2024, a former Florida-based TD employee was also arrested and charged for assisting the same network by issuing debit cards in exchange for bribes.
These cases occur against the backdrop of major regulatory action against Canada's second-largest bank. In 2024, U.S. agencies fined TD a staggering $3.1 billion and restricted its growth in the American market for systemic failures in its anti-money laundering controls.
Philip Lamparello, senior counsel for the U.S. Attorney's Office, emphasized the critical role of bank staff, stating: "Bank employees are the first line of defence against money laundering, fraud and other financial crimes. When bank employees ignore their obligations ... we will not hesitate to hold them accountable."
