TD Bank pays $3 billion in money laundering case

TD Bank pleaded guilty Thursday in a criminal money laundering case and agreed to pay as much as $3 billion in fines and other penalties to the Justice Department and federal financial regulators for failing to monitor money laundering by drug cartels.

As part of the deal, TD Bank, whose U.S. unit is the 10th-largest U.S. bank by assets, is accepting limits on its growth, the Office of the Comptroller of the Monet announced Thursday.

Attorney General Merrick Garland said a regulator will monitor the bank’s compliance with anti-money laundering prevention practices for three years as part of a settlement.

Garland said that over a six-year period ending last October, TD Bank failed to monitor a staggering $18.3 trillion in customer activity, allowing three money laundering networks to transfer more than $670 million through accounts at the bank.

At least one of these schemes involved five bank employees, Garland said.

“At various times, high-level executives, including the person who became the bank’s Chief Anti-Money Laundering Officer, knew that there were serious problems with the bank’s anti-money laundering program, but the bank failed to correct them” , the attorney general said. said.

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