TD Bank faces $3 billion in fines and growth restrictions in the US over money laundering violations: report

(RTTNews) – TD Bank (TD, TD.TO) is expected to pay about $3 billion in fines and accept restrictions on its growth in the US as part of a settlement with regulators and prosecutors over allegations that it failed to to properly monitor money laundering by drug cartels, according to a report by the Wall Street Journal, citing sources familiar with the matter.

As part of this deal, the bank’s main U.S. regulator, the Office of the Comptroller of the currency, is expected to impose an asset ceiling, preventing the bank from exceeding a certain growth threshold in the U.S.

According to the Journal, the Canadian bank’s U.S. unit is expected to enter a guilty plea on Thursday for failing to set up adequate anti-money laundering systems.

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