Q: With regard to the money laundering attibuted to TD in their US branches. The media reports referenced "duffel bags" of cash presented to tellers for deposit.
Is there not a rule or regulation that any cash transactions over $10,000 as being required to be investigated. or is that in Canada only Also would not the other tellers/manger not see this happening? Sounds crazy.
Is there not a rule or regulation that any cash transactions over $10,000 as being required to be investigated. or is that in Canada only Also would not the other tellers/manger not see this happening? Sounds crazy.
5i Research Answer:
There certainly is a $10,000 rule; apparently some employees were bribed, and it is very possible transactions/deposits were done in an office to avoid scrutiny. We just do not know details at this time. But crazy is an apt description.