TD Bank fined $3B for failing to prevent money laundering by drug cartels

TD Bank was slapped with a $3 billion fine and pleaded guilty Thursday to federal charges of failing to monitor money laundering by drug cartels and other criminal gangs.

The Department of Justice launched a probe in May after learning that drug traffickers funneled hundreds of millions — much of it from fentanyl-smuggling operations — through TD Bank branches in New York and New Jersey.

Officials at TD, the 10th largest bank in the United States, struck a plea deal to pay the penalty, which will be split between the Justice Department, banking regulators and the Treasury Department.

Source

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