TD Bank pleads guilty on Thursday 10/10 in DOJ money laundering case

FYI... NBC 10/10/24: TD Bank pleaded guilty Thursday to multiple criminal charges and agreed to pay a whopping $3 billion in fines and other penalties to the Department of Justice and financial regulators for failing to monitor money laundering by drug traffickers and other criminals.

As part of the deal, TD Bank, whose U.S. unit is the 10th-largest American bank by assets, also will have limits to its growth imposed by the Office of the Comptroller of the Currency. The total assets of TD Bank’s two U.S. banking subsidiaries will be barred from exceeding $434 billion under that restriction.

The restrictions are similar to those imposed by the Federal Reserve on Wells Fargo in 2018 over what the Federal Reserve called “widespread consumer abuses” at that bank.
“By making its services convenient for criminals, TD Bank became one,” said Attorney General Merrick Garland on Thursday.

“Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first U.S. bank in history to plead guilty to conspiracy to commit money laundering,” Garland said.
“TD Bank chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties. Let me be clear: Our investigation continues, and no individual involved in TD Bank’s illegal conduct is off limits.”