TD Bank, the 10th-largest bank in the US, is expected to pay a $3 billion fine after pleading guilty to conspiracy to commit money laundering charges. The bank has admitted to violating the Bank Secrecy Act and will pay $1.8 billion to the Department of Justice and $1.3 billion to the Financial Crimes Enforcement Network. The bank allegedly failed to properly track trillions of dollars in transactions, enabling drug traffickers and criminals to move large amounts of cash to risky countries. Some TD Bank employees were also involved in helping criminals move money. The investigation is ongoing, and Attorney General Merrick Garland has stated that no individual involved in TD Bank's illegal conduct will be exempt from consequences.



Other News from Today