TD Bank has become the largest U.S. bank to plead guilty to violating anti-money laundering laws, agreeing to a $3 billion settlement.
The charges stem from allegations that the bank, over several years, enabled drug cartels and other illicit actors to funnel billions of dollars through its accounts by ignoring red flags and fostering a culture of non-compliance, the New York Post reported.
The landmark fine, announced by U.S. authorities on Thursday, follows extensive investigations into what officials call “pervasive issues” at the bank.
The plea deal has significant consequences for TD, including an asset cap—an unprecedented penalty for a bank of its size—and strict limitations on its operations in the U.S.
These sanctions come as the bank aims to expand further into the U.S. market, which accounts for about a third of its overall revenue. […]
— Read More: dallasexpress.com
