Matt Levine’s Money Stuff: TD Was Convenient for Criminals

TD

One job of a bank is to stop crime. If someone is selling illegal drugs or doing terrorism or being Jeffrey Epstein, he will want a bank account to send and receive money; this is called “money laundering.” The US government expects banks to check for criminals, stop them from opening accounts and sending or receiving money, and report their crimes to the government. If a bank does not do this, it will get in trouble. The trouble will consist of (1) a large fine, (2) a guilty plea to federal crimes and (3) Justice Department officials giving ...