TD Bank Faces $3 Billion Penalty and Growth Limit Over Money Laundering Violations
TD Bank's $3 Billion Settlement with Federal Agencies
Toronto-Dominion Bank, commonly referred to as TD Bank, will pay more than $3 billion and agreed to a limit on its future growth to settle charges for violating anti-money-laundering laws, federal officials announced Thursday. TD Bank, which is based in Canada, will pay billions of dollars in fines and penalties to several federal agencies, including the Federal Reserve and Office of the Comptroller of the Currency, the bank regulators announced.
Major Compliance Failures
TD Bank allegedly failed to adequately oversee its retail banking operations, which allowed a subsidiary to be used to launder hundreds of millions of dollars from illicit proceeds.
Government Officials' Statements
Attorney General Merrick Garland and other federal officials are scheduled to address reporters regarding the implications of this settlement.
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