U.S DoJ indicts former TD Bank employee for helping a criminal network launder nearly $474M, exploiting reporting controls for $11K in kickbacks, exposing serious insider-enabled AML failures

Wilfredo Aquino, a former New York-based TD Bank employee, admitted in federal court that between 2019 and 2021 he used his role to facilitate the laundering of approximately $474 million through TD Bank accounts for a network led by Da Ying Sze, failing to properly report suspicious activity and conceal the network’s leadership. His guilty plea to conspiracy to launder monetary instruments underscores the risk of insider-enabled financial crime and carries a potential sentence of up to 20 years in prison…