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TD Bank admits guilt in money laundering case, agrees to $3 billion in penalties


TD Bank pleaded guilty in a criminal money laundering case and agreed to pay $3 billion in fines and penalties for failing to monitor money laundering by drug cartels. The bank accepted limits on its growth and will have a monitor overseeing compliance for three years. Over six years, TD Bank failed to monitor $18.3 trillion in customer activity, allowing money laundering networks to transfer over $670 million. The DOJ was investigating how Chinese organized crime groups and drug traffickers used the bank to launder money. Restrictions on TD Bank’s growth were similar to those imposed on Wells Fargo in 2018 for consumer abuses. The bank was fined by the Federal Reserve for not conducting adequate risk management and oversight, resulting in laundering illicit proceeds. Senator Elizabeth Warren criticized the deal, saying big banks treat fines as the cost of doing business. TD Bank shares were down more than 3% after the announcement. The bank had previously been fined by the Consumer Financial Protection Bureau for furnishing inaccurate information to consumer reporting agencies. TD Bank, Canada’s second-largest bank, had no immediate comment on the matter.

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