TD Bank today pled guilty and agreed to pay over $1.8 billion in penalties to resolve the Justice Department’s investigation into violations of the Bank Secrecy Act (BSA) and failure to comply with anti-money laundering rules. Separately, the Financial Crimes Enforcement network penalized the New Jersey-based subsidiary of the Canadian banking giant $1.3 billion over the violations.
At a press event this afternoon, U.S. attorney general Merrick Garland said TD Bank was the largest bank in U.S. history to plead guilty to Bank Secrecy Act failures, and the first bank in history to plead guilty to conspiracy to commit money laundering. “By making its services convenient for criminals, it became one,” he said.
