The penalty was the largest ever imposed by U.S. officials on a bank for violating anti-money laundering laws, and regulators imposed a cap on TD’s ability to accept new deposits.

The Department of Justice reportedly was investigating how drug traffickers used TD Bank to launder money derived from fentanyl sales in the U.S.

The Department of Justice reportedly was investigating how drug traffickers used TD Bank to launder money derived from fentanyl sales in the U.S.

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

TD Bank pleaded guilty to conspiracy to commit money laundering, the largest bank in U.S. history to do so

Canada's TD Bank has agreed to pay more than $3 billion in penalties for failing to adequately monitor money laundering by drug cartels, US officials said Thursday. Garland said that between January 2014 and October 2023, TD Bank failed to monitor $18.3 trillion in customer activity, allowing three money laundering networks to transfer over $670 million through TD Bank accounts.

Canada's TD Bank has agreed to pay more than $3 billion in penalties for failing to adequately monitor money laundering by drug cartels, US officials said Thursday. Garland said that between January 2014 and October 2023, TD Bank failed to monitor $18.3 trillion in customer activity, allowing three money laundering networks to transfer over $670 million through TD Bank accounts.

TD Bank will pay approximately $3 billion in a historic settlement with U.S. authorities who say the financial institution’s lax practices allowed significant money laundering over multiple years.

Shares of TD Bank are falling in premarket trading on a report that the Canadian bank is set to pay around $3 billion in penalties and accept limits on its U.S. growth over charges it failed to curb money laundering by drug cartels.

Spencer Platt/Getty ImagesTD Bank shares fell 8% after it pleaded guilty to anti-money-laundering charges and agreed to pay a $3 billion fine.The charges

WASHINGTON (AP) — TD Bank will pay approximately $3 billion in a historic settlement with U.S. authorities who said Thursday that the financial institution’s lax practices allowed significant money laundering over multiple years.

Toronto-Dominion Bank has agreed to pay fines totalling about US$3.09 billion from a number of U.S. regulators after pleading guilty to multiple charges related to failures in its anti-money laundering program.