TD Bank to pay $3 billion in historic money-laundering settlement with the Justice Department

TD Bank will pay approximately $3 billion in a historic settlement with U.S. authorities who say the financial institution’s lax practices allowed significant money laundering over multiple years. Attorney General Merrick Garland said Thursday that Canada-based TD Bank pleaded guilty to conspiracy to commit money laundering and is the largest bank in U.S. history to do so. Justice Department prosecutors say the bank's failure to prevent money laundering made it convenient for criminals. Prosecutors say money laundering networks collectively transferred hundreds of millions of dollars through TD Bank accounts over the years. The CEO of the bank, which is the 10th largest in the United States, says “this is a difficult chapter in our Bank's history.”