The Globe and Mail reports in its Friday edition that U.S. Senator Elizabeth Warren is calling out the Department of Justice for failing to adequately hold TD Bank executives accountable for anti-money-laundering failures. The Globe's Stefanie Marotta writes that in a Wednesday letter addressed to the DOJ, Ms. Warren said that while the bank was hit with severe fines and restrictions, the sanctions fell short by neglecting to charge the bank's most senior executives. In early October, TD became the first lender in U.S. history to plead guilty to conspiracy to commit money laundering after a decade of shuffling funds for criminal organizations and ignoring red flags and warnings from employees. The Justice Department allowed "this lawbreaking bank and its reckless leadership to escape the full scope of penalties that Congress determined is necessary to effectively deter future criminal acts," she said in her letter. "TD Bank's executives allowed TD Bank to act as a criminal slush fund. ... The details of this crime are egregious," Ms. Warren said. "TD Bank leadership knowingly presided over a criminally deficient antimoney laundering program while growing the bank such that its 'risk profile increas[ed] significantly.'"
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