TD Bank became the largest bank in U.S. history to plead guilty to violating a federal law aimed at preventing money laundering, and agreed to pay over $3 billion in penalties to resolve the charges, government authorities said on Thursday.
The plea deal, which includes a rare imposition of an asset cap and other business limitations, arises from multiple government investigations into what authorities described as pervasive issues. TD Bank shares fell almost 5 per cent on Thursday afternoon.
For years, TD ignored red flags from high-risk customers and created a “convenient” environment for bad actors to exploit, the government said. In one example, authorities said TD Bank facilitated over $400 million in transactions to launder funds on behalf of people selling fentanyl and other deadly drugs. TD is Canada’s second biggest bank and the 10th largest in the U.S.
Nivrita Ganguly discusses the details with Global News’ Amandalina Letterio.
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