TD Bank is the biggest bank to plead guilty to Bank Secrecy Act violations. The Bank Secrecy Act which was enacted in 1970 to combat money laundering requires banks to establish and maintain programs that guard against money laundering.

TD Bank agreed to pay about $3 billion in fines to U.S. authorities and pleaded guilty on Thursday to money-laundering-related charges in a case brought by federal prosecutors, who said the Canadian bank made it “convenient” for criminals to open accounts, transfer funds and even deposit seven-figure sums of cash at its branches.

TD Bank allowed money laundering networks to move more than $670 million through its accounts between 2019 and 2023, Justice Department says.

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Toronto-Dominion Bank (TD Bank) will pay more than $3 billion and agreed to a limit on its future growth to settle charges it violated anti-money laundering laws, federal officials announced

TD Bank will pay almost $3.1 billion in fines and other penalties and face a cap on its US retail banking assets after pleading guilty to failing to prevent money laundering by drug cartels, among others.

Toronto-Dominion Bank is facing fines totalling about $3.09 billion US from U.S. regulators after pleading guilty to multiple charges, including conspiracy to violate the Bank Secrecy Act and commit money laundering.