TD Bank, the 10th-largest bank in the country, recently made headlines with a $3 billion plea deal after being implicated in money laundering activities by criminal organizations. Federal prosecutors revealed that the bank had allowed secretive transfers totaling $671 million to flow through its systems without proper oversight.
The plea agreement outlined how TD Bank neglected mandatory anti-money laundering regulations for almost a decade, failing to flag suspicious transactions and update its systems to keep up with emerging technology. This negligence created vulnerabilities that enabled money laundering networks to move over $600 million in criminal proceeds through the bank between 2019 and 2023.
