TD Bank to pay $3 billion in historic money-laundering settlement with the Justice Department
TD Bank will pay approximately $3 billion in a historic settlement with U.S. authorities who say the financial institution’s lax practices allowed significant money laundering over multiple years
WASHINGTON (AP) — TD Bank will pay approximately $3 billion in a historic settlement with U.S. authorities who said Thursday that the financial institution's lax practices allowed significant money laundering over multiple years.
Canada-based TD Bank pleaded guilty to conspiracy to commit money laundering, the largest bank in U.S. history to do so, Attorney General Merrick Garland said.
“TD Bank created an environment that allowed financial crime to flourish," Garland said. “By making its services convenient for criminals, it became one.”
High-level executives were alerted to serious problems with the bank’s anti-money laundering program, but failed to correct them as employees openly joked about how easy it seemed to be for criminals to launder money there, Garland said.
