TD Bank Admits To Violating Bank Secrecy Act And Money Laundering

According to Odaily, last week, U.S. Attorney General Merrick B. Garland announced in Washington that TD Bank, one of the largest financial institutions in the United States, has pleaded guilty to multiple felony charges, including conspiracy to violate the Bank Secrecy Act and money laundering. Garland confirmed in a statement that TD Bank has agreed to pay a criminal fine of $1.8 billion, along with civil enforcement actions, bringing the total penalties to approximately $3 billion. He highlighted that this resolution includes the largest fine ever imposed under the Bank Secrecy Act and marks the first time the Department of Justice has assessed daily fines against a bank. TD Bank is the largest bank in U.S. history to admit to violating the Bank Secrecy Act and the first to acknowledge conspiracy to launder money. The Department of Justice emphasized the bank's compliance failures, which created an environment conducive to rampant financial crimes.