10.11.24

TD Bank Pleads Guilty and Pays $3 Billion To Settle Money-Laundering Case

by: Stacy Cowley, Matthew Goldstein and Rob Copeland

TD Bank agreed to pay about $3 billion in fines to U.S. authorities and pleaded guilty to money-laundering-related charges, in a case brought by federal prosecutors who said the Canadian bank made it “convenient” for criminals to open accounts, transfer funds and deposit large sums of cash at its branches. The combined penalties are the largest ever imposed by U.S. authorities on a bank for violating anti-money-laundering laws and include an “asset cap” that prevents TD Bank from growing any bigger than its current size.

Read the full article on The New York Times