TD Bank Pays $3B Fine After Pleading Guilty In Money Laundering Case, 'Making Its Services Convenient For Criminals'

Toronto-Dominion Bank (NYSE:TD) agreed to pay approximately $3.09 billion in fines to U.S. authorities after pleading guilty on Thursday to money laundering-related charges in an ongoing case brought by federal prosecutors, who accused the Canadian bank of essentially making it easy for criminals and cartels to move money around the world for nearly a decade.

"By making its services convenient for criminals, TD Bank became one," said Attorney General Merrick B. Garland on Thursday. "Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first U.S. bank in history to plead guilty to conspiracy to commit money laundering."  

The penalties are the largest ever imposed by U.S. authorities on a bank for money laundering ...