How much did TD Bank agree to pay in penalties for money laundering failures?

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TD Bank Agrees to Pay Over $3 Billion in Penalties for Money Laundering Failures

TD Bank has agreed to pay more than $3 billion in total penalties due to its inadequate monitoring of money laundering activities by drug cartels. This significant sum comprises $1.8 billion to the Justice Department and an additional $1.3 billion assessed by the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Penalties from Justice Department and FinCEN

As part of a settlement with US authorities, TD Bank will pay $1.8 billion to the Justice Department. Furthermore, the bank faces a separate penalty of $1.3 billion assessed by FinCEN, a bureau within the US Treasury Department. These penalties stem from the bank's failures in its anti-money laundering (AML) programs.
Criminal Felonies and Bank Secrecy Act Violations

The bank has pleaded guilty to multiple felonies, including violations of the Bank Secrecy Act and conspiracy to commit money laundering. US Attorney General Merrick Garland stated that TD Bank created an environment conducive to financial crime by making its services accessible to criminals, labelling the institution as criminal for its willful failure to prevent illicit schemes.
Unmonitored Customer Activity and Illicit Transfers

Between January 2014 and October 2023, TD Bank failed to monitor a substantial $18.3 trillion in customer activity. This oversight allowed three money laundering networks to transfer over $670 million through the bank's accounts, facilitating activities ranging from narcotics trafficking to terrorist financing.
Additional Regulatory Actions

In addition to monetary penalties, the US Office of the Comptroller of the Currency has imposed an asset cap on TD Bank. This restriction limits the bank's growth within the United States, preventing it from expanding its asset base beyond its current levels. TD Bank operates approximately 1,100 branches and serves 10 million clients in the United States.

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How much did TD Bank agree to pay in penalties for money laundering failures?

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