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

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

A Chinese drug cartel that was selling fentanyl bribed TD Bank branch employees in New York and New Jersey to launder millions of dollars.

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

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.