By Adriano Marchese


A former employee of Toronto-Dominion Bank was arrested and charged for his role in facilitating money laundering to Colombia through the financial institution.

According to court documents on Wednesday, 24-year-old Leonardo Ayala was arrested for exploiting his position as a bank employee to facilitate money laundering at a TD Bank branch in Doral, Florida.

As alleged, after another employee opened accounts in the names of shell companies, between June and November 2023, Ayala assisted the money laundering network by issuing dozens of debit cards for the accounts in exchange for bribes, according to the Department of Justice.

He is charged with one count of conspiracy to commit money laundering, and could face up to 20 years in prison if convicted.

TD Bank has been operating for the past year while under investigation in the U.S. The bank pleaded guilty to multiple charges in October, agreeing to pay $3.09 billion in fines, and accepted limits on growth in the country as well.

Last week, TD Bank warned that it will be difficult to grow earnings over the next year and scrapped its financial-growth targets.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

12-11-24 1059ET