The TD Bank Scandal... | Canada Real Estate

he's angry about mortgages it's angry mortgage he's swearing he's cursing loud he's old he's opinionated and he's been doing this so damn long this program is about mortgages and this is mortgage advice but the advice may not apply to your situation contact licensed mortgage Professionals for specific recommendations before you make decisions about mortgages you may not agree with Ron but if you don't uh he thinks you're wrong oh and did we say there is a lot of swearing the TD Bank uh was subject to a long-term starting in 2016 uh moneya laundering um investigation in their us operations and it's crystal clear because the TD CEO has published it said yes we've had we've had failing we've we did we did not do the right job in in terms of um anti-money laundering work um and we we did it we admit it and we're going to fix it's getting fixed and it won't happen again but he takes responsibility that's good so um there's a lot of talk uh there's there's an actual possibility the fine could be $2 billion Jesus US Dollars real money not not Canadian peso like real money Canadian not like real money okay um and say this quickly I know a lot of TD people uh TD Bankers hardworking devoted um great people great people who've done done nothing but good for us in our company and have done nothing but good for Canadian consumers because for a couple years they had the lowest interest rates in Canada period okay and a lot of people took advantage of that and you know should be thanked um and this is none of those Canadian people's issues this is about Rogue actors in the United States really on a branch level Branch level people who were take doing nefarious things okay uh by the way this happens in every Bank it just just you know the investigation went after TD and in the states and that's what happened and it they admit it nobody's hiding it but what I want to point out to other mortgage Borrowers is because this is an AML issue anti-money laundering it's overseas transfer of money because all this stuff involved overseas actors okay sometimes the money stayed in us but it was all overseas actors moving and a lot of money did move out of the country and into the country so if you've got a down payment on a Mor you're buying a house and you've got a down payment and some of your money is is coming from overseas I'm going to tell you right now it ain't it's not going to be a walk in the park okay um don't get me wrong there's some European countries are are classified as safe countries but um other countries are classified as high risk and I'll just be straight up with you if money is coming from the Gulf coming from the Middle East um coming from Russia okay uh not really hardly ever happens coming from India coming from China there's going to be some scrutiny of that down payment transfer okay it's by the way 99.9% are all legit all legit okay let's face it if you're somebody who's coming from India and you've lived here long enough now that you're putting down Roots here and buying a home and you sold a house in India yeah you got money coming mhm you know or your parents are saying well you get time for you to buy a house so yes here you go here's a gift from we we're we live in India the weather's better so we're going to send it to you in Canada God bless your our kids okay um but it's going to it's going to be looked at okay isn't there already a system in place that views All Foreign income yes yes there every every every dollar that comes in from overseas from a bank on a bank to- Bank basis is um has to go through compliance it has to go through ml AML review and has to go through compliance you're absolutely right Chan that's the case so are they just adding more Hoops yes they're adding more Hoops because you know if you look at money laundering historically the the buying and selling of real estate is a great way to wash money because you buy a house bunch of cash comes together you buy it eventually you sell it you might sell it very quickly like you might only sell it in less than a year and when you get that check for the proceeds that money is clean as the driven snow okay that is clean money okay so you that's a system that gets used okay so I just I'm not trying to alarm anyone I'm just trying to say that for those of you who are listening who are in The Mortgage business I'm sure you've all gone through it not only is down payment very complicated today because people love to move money around um no nobody just keeps their money in the same bank with one savings account one checking account like that does not exist there's a tremendous amount of movement on down payment and just for the people out there listening who we have to account for the movement of basically every sum of money over 5,000 sometimes as much as 2500s looked at but certainly money that comes from overseas is going to be meticulously reviewed and understood where the source of that money is well it's important people keep their ducks in a row then it is um now it's but it's Amplified now it's Amplified because obviously the our banking um regulator oie um they look at this and they say well there was a story too of the HSBC thing where they were using they were doing deals they're also using fake job letters from overseas and you know that that happened and RBC will clean that up I I guarantee you okay that's not an issue but um the the regulator just says stop it stop it we got to look really closely other countries are kicking our asses on this and saying well you're a regulator and know that's sort of the I don't think the US regulator is using that term sayy you shitty regulator I don't think that actually happened but everybody's we're all human people that all are human and they say well we got to bring an end to this we got we got to step on it yeah so uh yes folks if you're bringing in down payment from overseas there's going to be some stuff I mean let's it's going to be a little extra vigilance by the way if you if you are only getting the mortgage from your own bank you'll probably find much less because the record's right there yeah okay it's easier but if you've been banking with bank a and you're getting a mortgage from Bank B there's going to be some more there's going to be some more diligence about your down payment than there was in the past just put it out there [Music] if you like the Pod well don't just sit there go to YouTube Apple Spotify and all the other ones and like the Pod and don't forget to subscribe so we can keep being angry at mortgages and swearing about mortgages angry mortgage can use your support angry morgage [Music]