TD Bank pleads guilty in money laundering case, will pay $3 billion in penalties

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TD Bank pleaded guilty in a criminal money laundering case and agreed to pay a whopping $3 billion in fines and other penalties to the Department of Justice and federal financial regulators to settle a probe over its failure to monitor money laundering by drug cartels.
TD Bank is also set to accept limits on its growth as part of the settlement.
The restrictions on TD Bank’s growth would be similar to those imposed by the Federal Reserve on Wells Fargo in 2018.

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