Overview

• TD Bank pleaded guilty to conspiring to violate the Bank Secrecy Act and money laundering, marking the largest penalty ever under the Act.
• The bank's deficiencies allowed over $670 million in illicit funds to flow through its accounts, involving three major money laundering networks.
• Senior executives prioritized growth over compliance, leading to pervasive failures in anti-money laundering practices since 2014.
• U.S. regulators imposed non-monetary penalties, including an asset cap and restrictions on opening new branches or products without approval.
• TD Bank must implement a comprehensive compliance overhaul and cooperate with ongoing investigations into individual employees.