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 is expecting its pre-tax net interest income to fall by up to $225mn in the 2025 fiscal year, after it became the first bank in the US to plead guilty to money-laundering charges and agreed to pay over $3bn in penalties to the Department of Justice and financial regulators last week.

TD Bank will pay $3 billion to settle charges that it failed to properly monitor money laundering by drug cartels, a source with knowledge of the settlement told CNN.

TD Bank pleaded guilty Thursday in a criminal money laundering case and agreed to pay a whopping $3 billion in fines and other penalties to the Department of Justice and federal financial regulators for failing to monitor money laundering by drug cartels.

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 today pled guilty and agreed to pay over $1.8 billion in penalties to resolve the Justice Department’s investigation into violations of the Bank Secrecy Act (BSA) and failure to comply with anti-money laundering rules.

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.