TD Bank fined US$3bn for BSA failings, pleads guilty to conspiracy to commit ML

TD Bank, the tenth largest lender by assets in the USA, pleaded guilty, on 10 October, to conspiring to fail to maintain an anti-money laundering program that complied with the Bank Secrecy Act (BSA); to not file accurate currency transaction reports (CTRs); and, a first for a US bank, to launder money. Ultimately owned by Canada's Toronto Dominion Group, the US financial institution will pay just over US$3.1 billion in criminal and civil penalties to US authorities.

TD Bank, the tenth largest lender by assets in the USA, pleaded guilty, on 10 October [2024], to conspiring to fail to maintain an anti-money laundering (AML) program that complied with the Bank Secrecy Act (BSA); to not file accurate currency transaction reports (CTRs); and, a first for a US bank, to launder money. Ultimately owned by Canada's Toronto Dominion Group, the US financial institution will pay just over US$3.1 billion in criminal and civil penalties to US authorities.