New Jersey – TD Bank is preparing to close dozens of additional sites in several states, including five in New Jersey.
The decision to close more branches comes as the company continues to face the fallout by agreeing to pay a fine of $ 3 billion after pleading guilty in a money laundering program that channel hundreds of thousands of dollars with drug cartels.
Branch closures cover 10 states and the Columbia district and have been listed in the documents deposited in the Currency controller office obtained by Fast Company.
The locations of the following New Jersey are scheduled for closing in June:
- Cedar Grove: 85-107 Pompton Ave., Cedar Grove, County of Essex
- Branch of Marlton East: 191 E. Route 70, Marlton, Burlington County
- Ringwood: 145 Skyline Dr., Ringwood, Passaic County
- Royal Road: 1 Royal Rd., Raritan Township, Hunterdon County
- Spring Lake Heights: 555 Warren Ave., Spring Lake Heights, county of Monmouth
The other states confronted with closures include Connecticut, Florida, Maine, Massachusetts, New Hampshire, New York, Pennsylvania, South Carolina, Virginia and Washington, DC
In a statement sent to Fast Company, a TD Bank representative said that the company focuses on the transition “as fluid as possible for customers and employees”.
This series of closures is the last announcement by the besieged company.
Before pleading guilty in the money laundering case, the federal prosecutors said that the TD bank had not assumed its responsibilities under the Federal Bank Secrecy Act, which forces financial institutions to report suspicious activities that can be linked to crime.
The gaps in the bank’s anti-balance compliance program “allowed the criminal product to flow” to Colombian cartels, officials said. Some storytellers have also accepted gift cards such as bribes in exchange for the filing of false or deceptive reports on certain transactions, according to the deputy secretary of the Treasury Wally Adeyemo.
“The bank has allowed drug trafficking,” said Adeyemo.
The bank has also accepted a four-year instructor to supervise “in-depth repair measures”, in particular by examining its anti-whiteness compliance program, according to federal officials.
The American headquarters of TD Bank is in the south of New Jersey.
