TD Bank is the biggest bank to plead guilty to Bank Secrecy Act violations. The Bank Secrecy Act which was enacted in 1970 to combat money laundering requires banks to establish and maintain programs that guard against money laundering.

TD Bank, the 10th largest bank in the United States, has agreed to pay penalties of more than $3 billion to settle charges of bank secrecy violations and money laundering, the Justice Department announced Thursday.

TD Bank has pleaded guilty to US criminal charges. Prosecutors say one client laundered more than $470m in drug proceeds at the bank.

For years, TD ignored red flags from high-risk customers and created a "convenient" environment for bad actors to exploit, the government said.

TD Bank allowed money laundering networks to move more than $670 million through its accounts between 2019 and 2023, Justice Department says.

TD Bank pleaded guilty on Thursday to failing to maintain an anti-money laundering program, among other charges.

The Department of Justice announced Thursday that TD Bank will pay more than $3 billion in fines and penalties over its failure to monitor hundreds of millions of dollars in money laundering operations by drug cartels.

TD Bank today pled guilty and agreed to pay over $1.8 billion in penalties to resolve the Justice Department’s investigation into violations of the Bank Secrecy Act (BSA) and failure to comply with anti-money laundering rules.

TD Bank will pay approximately $3 billion USD in a historic settlement with U.S. authorities who say the financial institution’s lax practices allowed significant money laundering over multiple years.