TD Bank is the biggest bank to plead guilty to Bank Secrecy Act violations. The Bank Secrecy Act which was enacted in 1970 to combat money laundering requires banks to establish and maintain programs that guard against money laundering.

TD Bank, the 10th largest bank in the United States, has agreed to pay penalties of more than $3 billion to settle charges of bank secrecy violations and money laundering, the Justice Department announced Thursday.

TD Bank will pay more than $3 billion in penalties after admitting to failing to adequately guard against money laundering, officials said.

TD Bank has pleaded guilty to US criminal charges. Prosecutors say one client laundered more than $470m in drug proceeds at the bank.

For years, TD ignored red flags from high-risk customers and created a "convenient" environment for bad actors to exploit, the government said.

TD Bank allowed money laundering networks to move more than $670 million through its accounts between 2019 and 2023, Justice Department says.

As part of a deal, the TD Bank will pay more than $3 billion in fines for enabling drug traffickers and other criminals to open accounts and transfer money.

TD Bank will pay almost $3.1 billion in fines and other penalties and face a cap on its US retail banking assets after pleading guilty to failing to prevent money laundering by drug cartels, among others.

TD Bank, the 10th largest bank in the United States, has agreed to pay penalties of more than $1.8 billion to settle charges of bank secrecy violations and money laundering, the Justice Department announced Thursday.

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