TD Bank hit with record $3 billion fine over drug cartel money laundering
By Jordan Valinsky and Matt Egan, CNN
TD Bank will pay $3 billion to settle charges that it failed to properly monitor money laundering by drug cartels, regulators announced Thursday.
The fine includes a $1.3 billion penalty that will be paid to the US Treasury Department’s Financial Crimes Enforcement Network, a record fine for a bank. TD also intends to pay $1.8 billion to the US Justice Department and plead guilty to resolve the US government’s investigation that the bank violated of the Bank Secrecy Act and allowed money laundering.
