Two employees at a major bank have admitted their roles in funneling hundreds of millions of dollars linked to illicit drug sales through accounts mostly in New York and New Jersey, according to the U.S. Department of Justice.
Wilfredo Aquino, formerly an assistant store manager at TD Bank, processed over 1,600 official checks amounting to $92 million for a money laundering ring. In return, he received gift cards valued at approximately $11,000. Aquino pleaded guilty to facilitating money laundering and was sentenced to 46 months in prison.
Another staff member, Edward Low, known also as “Mang Wah Low” or “Eddie Low,” worked as a retail employee at TD Bank. He accepted bribes totaling more than $26,000 and leaked confidential customer information which helped enable nearly $485,000 in fraud. Low admitted guilt to conspiracy to commit wire fraud and received a 24-month prison sentence.
Federal prosecutors connected the operation to fentanyl trafficking, triggering an extensive investigation into the bank’s anti-money laundering controls. This probe led the bank to agree on paying over $3 billion in penalties, alongside restrictions placed on its retail assets within the U.S.
In response, the bank stated improvements to its anti-money laundering systems are a primary focus. It highlighted full cooperation with authorities and significant investments in staff training, technological upgrades, and procedural enhancements designed to tighten control mechanisms.
