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TD Bank to shutter 16 New England branches, including 6 in Mass.
The closures come as the bank deals with massive penalties for its U.S. money laundering conspiracy violations.
TD Bank is closing six branches in Massachusetts as it continues to roil from massive penalties after the institution’s lax practices allowed significant money laundering at its location.
According to filings with the Office of the Comptroller of the Currency, TD Bank filed to close 37 locations across the country in March, including six in Massachusetts, four in Maine, four in New Hampshire, and two in Connecticut.
TD Bank says there will be 120 remaining stores in Massachusetts.
“TD is focused on building the bank of the future by evolving our model and enhancing capabilities to improve the customer experience,” the company said in a statement. “As part of this strategy, the bank regularly evaluates its physical store network and looks for opportunities to better align our network of stores to best serve our customers.”
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TD Bank says it has a new store opening in Nubian Square in Boston this May.
The closures at TD Bank North America, the 10th-largest bank in the U.S., come after it agreed to pay a $1.8 billion penalty in a historic settlement last year with U.S. authorities for failing to prevent money laundering, which made it convenient for criminals.
The Justice Department said TD Bank failed to update its anti-money laundering compliance program to address known risks for nearly a decade.
“These failures made the bank an ‘easy target’ for the ‘bad guys,” said Assistant Attorney General Nicole Argentieri in a press release.
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The failures, the Justice Department said, allowed hundreds of millions of dollars from money laundering networks to flow through the bank, including for international drug traffickers.
Since then, Reuters reported the company has seen a shift in leadership. Last year, 40 senior executives took pay cuts totaling $30 million.
Canada-based TD Bank reported $8.4 billion in earnings last year and has 2,192 retail locations in North America.
TD Bank applied to close the following retail locations in Massachusetts:
- 465 North Main St., East Longmeadow
- 2345 Main St., Tewksbury
- 50 Holyoke St., Holyoke
- 420 Franklin St., Framingham
- 860 South Main St., Bradford
- 547 Broadway, Methuen
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