TD Bank has reached a landmark settlement with U.S. authorities, agreeing to pay approximately $3 billion due to allegations of significant money laundering facilitated by the bank's lax practices over multiple years. The Canada-based financial institution has pleaded guilty to conspiracy to commit money laundering, marking the largest bank in U.S. history to do so, according to Attorney General Merrick Garland.
Garland emphasized that TD Bank had fostered an environment conducive to financial crime, allowing it to thrive by providing convenient services for criminals. Despite high-level executives being made aware of serious issues within the bank's anti-money laundering program, corrective actions were not taken, with employees reportedly joking about the ease with which criminals could launder money through the institution.
