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Oct 12, 2024 • 5 min read

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U.S. Imposes New Sanctions on Iran
TD Bank Fined $3.09B

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U.S. Imposes New Sanctions on Iran:

On October 11, 2024, the United States imposed new sanctions on Iran in response to its missile attacks on Israel earlier this month. These sanctions primarily targeted Iran’s oil and petrochemical sectors, which are major sources of revenue for the country. The U.S. Treasury Department blacklisted 10 companies and 17 vessels involved in transporting Iranian oil, a shadow network used to bypass existing sanctions. The State Department also blocked several additional entities and ships as part of a broader effort to cut off funds that fuel Iran’s nuclear program, missile development, and its support for terrorist groups across the region.
This move comes shortly after the U.S. allowed the release of $6 billion in frozen Iranian funds as part of a prisoner swap deal in September 2023. These funds, previously held in South Korea, were transferred to Qatar under strict conditions for humanitarian use, although critics feared they could indirectly support Iran’s military actions. The deal secured the release of five Americans detained in Iran, while five Iranians held in the U.S. were also freed. Despite the Biden administration’s assurances that the funds would be closely monitored, the decision was met with domestic and international criticism, especially given Iran’s ongoing involvement in regional conflicts.
The new sanctions reflect the U.S.‘s ongoing strategy of using economic pressure to limit Iran’s destabilizing influence in the Middle East. Since the U.S. withdrawal from the 2015 nuclear deal, sanctions have steadily expanded to target Iran’s vital industries, including oil, shipping, and financial services. While there have been moments of negotiation, such as the 2023 prisoner exchange, these sanctions underscore the continued tension between the U.S. and Iran, driven by Iran’s military ambitions and its support for proxy groups in the region. The latest actions serve as a reminder of the strained relationship and the U.S.‘s commitment to restricting Iran’s access to crucial financial resources.

TD Bank Fined $3.09B:

On Thursday, TD Bank pleaded guilty to multiple criminal charges and agreed to pay $3.09 billion in penalties for failing to prevent money laundering by drug traffickers and other criminals. From 2019 to 2023, the bank’s inadequate anti-money laundering controls allowed over $670 million in illegal funds to move through its systems. Despite internal awareness of suspicious activities, TD Bank took no action. As part of the settlement, the bank’s U.S. assets will be capped at $434 billion, and it will face stringent restrictions on growth and compliance monitoring.
In addition to the financial penalties, TD Bank will be subject to oversight by independent consultants for up to four years, tasked with overhauling the bank’s compliance systems. Investigators uncovered numerous red flags that went ignored, including one case where a trafficker moved $470 million through the bank while bribing employees with gift cards. The bank admitted its failure to meet Bank Secrecy Act requirements and will relocate parts of its compliance program to the U.S. to prevent future violations.
This settlement marks the largest fine ever imposed on a U.S. bank for anti-money laundering violations. TD Bank’s CEO, Bharat Masrani, took responsibility for the failures and committed to improving the bank’s risk management practices. Alongside the fines, the Office of the Comptroller of the Currency will limit the bank’s future expansion, requiring approval for new products and branch openings in the U.S., marking a significant chapter in TD Bank’s operations and regulatory history.

Statistic:

Largest automakers by market cap:

🇺🇸 Tesla: $695.79B

🇯🇵 Toyota: $228.88B

🇨🇳 BYD: $117.09B

🇮🇹 Ferrari: $85.40B

🇨🇳 Xiaomi: $76.38B

🇩🇪 Porsche: $70.77B

🇩🇪 Mercedes-Benz: $67.70B

🇺🇸 General Motors: $53.80B

🇩🇪 BMW: $52.72B

🇩🇪 Volkswagen: $52.48B