The Globe and Mail reports in its Friday edition that Riggs Bank once marketed itself as "the most important bank in the most important city in the world." The Globe's Rita Trichur writes that the Washington-based lender, founded in 1836, proudly counted more than 20 U.S. presidents as customers, including Thomas Jefferson. Its downfall came after it transacted large sums of dirty money from former Chilean dictator Augusto Pinochet and the government of Equatorial Guinea. U.S. financial regulators and the Department of Justice brought down the hammer. Saddled with record fines and settlements, Riggs sold itself in 2005. The tale of Riggs is a reminder of how money laundering can quickly morph into an existential crisis for lenders when executives fail to grasp the gravity of financial crime. Fast forward to the present day, and one of Canada's biggest banks, TD, is facing scrutiny over its anti-money-laundering practices in the U.S. TD has now reserved more than $3-billion (U.S.) for fines and continues to brace for other penalties. Ms. Trichur says Canadian banks must learn from history: U.S. regulators and law enforcement show no mercy on financial crime. Hindsight of Riggs should serve as foresight for our banks.