TD Bank agrees to $3 billion penalty, pleads guilty to US money laundering violations

TD Bank has agreed to pay a total of $3 billion in penalties to settle charges related to money laundering by drug cartels. The bank has admitted to conspiring to launder money and failing to file accurate reports. Two TD Bank units have pleaded guilty to United States criminal charges. As part of the plea deal, an asset cap and other business limitations will be imposed on the bank, which has acknowledged ignoring red flags from high-risk customers. The $3 billion fine includes a $1.3 billion penalty to be paid to the Financial Crimes Enforcement Network and $1.8 billion to the Justice Department.