TD Bank will pay nearly $3.1 billion in penalties to four U.S. regulators to settle charges that it “chose profits over compliance” when it allowed three money laundering networks to filter more than $670 million in dirty money through the company.
The 10th largest bank in the United States, Toronto-based TD Bank pled guilty in federal court Thursday to conspiracy to commit money laundering, failing to maintain an anti-money laundering (AML) program that complies with the Bank Secrecy Act (BSA), and failing to file accurate Currency Transaction Reports (CTRs) as required by the BSA.
