TD Probe Tied to Laundering Money From Drug Sales, Journal Says

A US law-enforcement probe into Toronto-Dominion Bank’s internal controls is tied to the laundering of hundreds of millions of dollars in proceeds from illegal drug sales, the Wall Street Journal reported.

The US Department of Justice launched an investigation after discovering evidence of a drug-money-laundering operation in New York and New Jersey, the Journal said Thursday, citing court documents and people familiar with the matter. There are allegations that the criminals bribed Toronto-Dominion employees in that case and at least one other, the newspaper said.

Toronto-Dominion disclosed last year that it was under investigation by the department. Canada’s second-largest ...