M&T Bank (MTB) has been ordered to forfeit $560,000 that a teller laundered for drug traffickers.

The teller converted proceeds of illegal drug sales from small denominations to $100 bills in at least eight transactions, ranging from $20,000 to $100,000, without making the necessary reports, according to a complaint for forfeiture filed by the government in February. Banks are required by law to submit reports on any cash transaction in excess of $10,000.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.