TD Bank Fined $3 Billion in Historic Money Laundering Settlement

TD Bank, one of Canada’s biggest lenders, has agreed to pay more than US$3 billion and pleaded guilty to criminal charges in the US after allowing drug cartels and other criminals to transfer hundreds of millions of dollars in illicit funds.

According to BBC, Prosecutors said the bank operated with inadequate guards against money laundering for nearly a decade, failing to act even when staff flagged obvious cases of abuse, such as a customer making daily deposits of $1 million in cash.

The lender is now facing restrictions on its growth in the US – as well as the biggest fine ever under anti-monetary laundering law.

The chief executive of TD Bank said the bank was taking full responsibility for its failures.