Two people who worked at a bank have confessed to helping criminals wash money earned from selling illegal drugs.
According to the U.S. Department of Justice, two individuals facilitated a money-laundering operation that transferred almost $500 million through bank accounts primarily located in New York and New Jersey.
Wilfredo Aquino, a former assistant store manager at TD Bank, helped a money laundering operation by processing over 1,600 checks totaling $92 million. He received approximately $11,000 in gift cards for his involvement. Aquino previously admitted to facilitating money laundering and was sentenced to 46 months in prison.
As a researcher following this case, I’ve learned about Edward Low – sometimes called “Mang Wah Low” or “Eddie Low” – who worked at TD Bank. He admitted to accepting over $26,000 in bribes and improperly sharing confidential customer information. This unfortunately allowed fraudsters to commit nearly $485,000 worth of fraud. After pleading guilty back in February, he was sentenced to 24 months in prison for his involvement in the wire fraud conspiracy.
Investigators connected the activity to illegal fentanyl dealing, which led to a larger investigation of why the bank failed to properly monitor transactions.
My research led to a significant outcome: the lender was required to pay over $3 billion in penalties and also faced restrictions on its retail operations within the U.S.
As an analyst following this situation, I understand the bank is prioritizing the overhaul of its anti-money laundering controls. They’ve also consistently maintained full cooperation with the investigating authorities throughout this process.
From my analysis, it’s clear the organization has made significant investments in its people, processes, and systems. They’ve focused on bolstering staff expertise through training, refining internal procedures, and upgrading their technology – all with the goal of strengthening their overall controls.
2026-07-24 10:22