Toronto-Dominion Bank (TD Bank) will pay more than $3 billion and agreed to a limit on its future growth to settle charges it violated anti-money laundering laws, federal officials announced Thursday.
TD Bank, which is based in Canada, will pay billions of dollars in fines and penalties to several federal agencies, including the Federal Reserve and Office of the Comptroller of the Currency (OCC), the bank regulators announced.
TD Bank allegedly failed to adequately oversee its retail banking operations, which allowed a subsidiary to be used to launder hundreds of millions of dollars from “illicit proceeds.”
Attorney General Merrick Garland and other federal officials are scheduled to address reporters.
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