DOJ: Former TD Bank Employee Pleads Guilty to Accepting Bribes, Laundering $4.8 Million to Colombia

• U.S. Department of Justice states Aquino opened 86 fraudulent accounts from April 2022 to November 2023 to launder over $3 million.
• U.S. Department of Justice confirms Aquino received more than $8,000 in bribes as part of the scheme.

Gerardo Aquino, a former TD Bank employee, admitted to accepting bribes and facilitating the laundering of more than $4.8 million to Colombia. He exploited his position by opening fraudulent accounts, issuing hundreds of debit cards, and unblocking restricted cards to move illicit funds out of the United States.

From April 2022 to November 2023, Aquino opened 86 individual customer accounts using the same commercial address in Miami, which were used to launder over $3 million. In exchange for his actions, he received more than $8,000 in bribes, paid in cash and through a peer-to-peer digital payment network.

• $4.8 million Total laundered to Colombia
• 86 Fraudulent accounts opened
• $8,000 Bribes received by Aquino

• Review TD Bank's account opening procedures for April 2022 to November 2023 for fraudulent activity.
• Audit all accounts using the same commercial address in Miami for signs of money laundering.
• Examine peer-to-peer digital payment network transactions for bribe payments exceeding $8,000.

This case highlights the critical risk posed by bank insiders who facilitate money laundering and accept bribes. Compliance officers must be vigilant for internal fraud, especially schemes involving fraudulent account openings and manipulation of restricted cards. The use of a single commercial address for multiple accounts and peer-to-peer payment networks for bribes are red flags. Effective internal controls and monitoring are essential to prevent abuse and protect the integrity of financial institutions from criminal exploitation.