TD Bank accepts $3B fine over money laundering

What happened

TD Bank pleaded guilty to multiple criminal charges Thursday and agreed to pay the Justice Department and financial regulators more than $3 billion for facilitating hundreds of millions of dollars in money laundering by drug smugglers, terrorists, human traffickers and other criminal organizations. Along with the record financial penalties, Canada’s No. 2 bank is prohibited from growing beyond its current size in the U.S. TD Bank is the 10th-largest U.S. retail bank, with more than 1,100 branches along the East Coast.

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