TD Bank will pay approximately $3 billion in a settlement with U.S. authorities due to lax practices facilitating money laundering.
The bank has pleaded guilty to conspiracy to commit money laundering, becoming the largest bank in U.S. history to do so.
The big picture: High-level executives at TD Bank were aware of money laundering issues but failed to address them, allowing criminals to exploit the system.
- The Justice Department revealed that the bank permitted at least three money laundering networks to move a total of $670 million through TD Bank accounts.
- Multiple criminal activities, including drug trafficking, terrorist financing, and human trafficking, were facilitated through TD Bank due to its deficiencies in policies.
- Employees at TD Bank were involved in criminal activities, such as working with criminal organizations to launder millions of dollars.
- The bank will undergo a major corporate compliance restructuring in its U.S. operations and will be subject to three years of monitoring and five years of probation.
