TD Bank Fined $3 Billion for Money Laundering Failures

The bank pleads guilty to aiding criminal networks and faces asset growth restrictions in the U.S.

TD Bank has agreed to pay a $3 billion penalty after pleading guilty to money laundering-related charges in the United States.
The settlement includes a $1.8 billion criminal fine and additional civil penalties, marking the largest penalty for a bank under U.S. anti-laundering laws.
Regulators have imposed an asset cap on TD's U.S. retail banking business, limiting growth until compliance issues are resolved.
The bank must overhaul its anti-money laundering programs and will be monitored by an independent compliance overseer for four years.
TD Bank's reputation and stock value have been significantly impacted, prompting a strategic shift and leadership changes.