The Globe and Mail reports in its Wednesday edition that TD Bank spends millions of dollars each year to pay accomplished business leaders to serve on its board. The Globe's David Milstead writes they seem to have overlooked a few things, and failed to challenge management when presented with evidence of wrongdoing. TD admitted to the U.S. Department of Justice that its U.S. bank allowed criminals to launder hundreds of millions of dollars and failed to properly monitor trillions of dollars' worth of transactions. While the settlement between TD and U.S. prosecutors and regulators details all manner of wayward behaviour by TD employees, it also explicitly lays blame where it ultimately belongs: with the boards of the Canadian parent company and its various U.S. banking subsidiaries. In some instances, those boards -- which included key members of TD's parent-company board -- were told about money-laundering issues. The U.S. Department of Justice charges, to which TD Bank N.A., the U.S.-based bank, pled guilty, said that over at least the past 11 years, U.S. regulators, TD Bank N.A.'s internal audit employees and third party consultants all "repeatedly identified its transaction monitoring program as an area of concern."