TD Bank Agrees to Pay $3 Billion Over Anti-Money Laundering Violations

"TD Bank created an environment that allowed financial crime to flourish. By making its services convenient for criminals, it became one."

By Colleen Murphy | October 11, 2024 at 02:42 PM

Credit: Roman Tiraspolsky/Shutterstock.com

New Jersey-headquartered TD Bank, which has pleaded guilty to criminal money-laundering charges, agreed to pay $3 billion in fines for failing to maintain Bank Secrecy Act (BSA) programs, the Department of Justice (DOJ) announced.

During a news conference Thursday, U.S. Attorney General Merrick Garland announced that TD Bank, the 10th largest bank in the country, pleaded guilty to multiple felonies, including conspiracy to violate the BSA and money laundering, and agreed to a $1.8 billion criminal penalty combined with civil enforcement penalties of $1.3 billion.

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