TD Bank to pay $3 billion in historic money-laundering settlement with the Justice Department
TD Bank will pay approximately $3 billion in a historic settlement with U.S. authorities who say the financial institution’s lax practices allowed significant money laundering over multiple years
Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
TD Bank will pay approximately $3 billion in a historic settlement with U.S. authorities who said Thursday that the financial institution's lax practices allowed significant money laundering over multiple years.
Canada-based TD Bank pleaded guilty to criminal changes in the money-laundering investigation and is the largest bank in U.S. history to do so, Attorney General Merrick Garland said.
“TD Bank created an environment that allowed financial crime to flourish," Garland said.
The Justice Department said the bank's failure to prevent money laundering made it “convenient” for criminals. That allowed money-laundering networks to move hundreds of millions of dollars through TD Bank accounts over a period of years, prosecutors said.
The bank did not immediately respond to a message seeking comment Thursday.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.