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 agreed to pay about $3 billion in fines to U.S. authorities and pleaded guilty on Thursday 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 even deposit seven-figure sums of cash at its branches.

TD Bank pleaded guilty to federal money laundering charges Thursday, agreeing to pay more than $3 billion in fines for enabling drug traffickers and other criminals to open accounts and transfer money through the bank.

TD Bank created an environment that allowed financial crime to flourish,” said Attorney General Merrick Garland.

TD Bank pleaded guilty on Thursday to failing to maintain an anti-money laundering program, among other charges.

The Justice Department reported that money laundering networks transferred hundreds of millions of dollars through TD Bank branches for years.

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.

Toronto-Dominion Bank is facing fines totalling about $3.09 billion US from U.S. regulators after pleading guilty to multiple charges, including conspiracy to violate the Bank Secrecy Act and commit money laundering.

The Department of Justice announced Thursday that TD Bank will pay more than $3 billion in fines and penalties over its failure to monitor hundreds of millions of dollars in money laundering operations by drug cartels.