TD fined US$3 billion after pleading guilty to U.S. money laundering
TD created an environment 'that allowed financial crime to flourish by making its services convenient for criminals'
· National PostToronto-Dominion Bank is facing fines totalling about US$3.09 billion from U.S. regulators after pleading guilty to multiple charges including conspiracy to violate the Bank Secrecy Act and commit money laundering.
The bank also received a cease-and-desist order and non-financial sanctions from the Office of the Comptroller of the Currency that put limits on its growth in the U.S. after it was found that TD had “significant, systemic breakdowns” related to its anti-money laundering safeguards.