TD Bank becomes first U.S. bank to plead guilty to money laundering conspiracy, fined $3 billion

Odaily News Last week, U.S. Attorney General Merrick B. Garland announced in Washington that TD Bank, one of the largest financial institutions in the United States, pleaded guilty to multiple felony charges, including conspiracy to violate the Bank Secrecy Act and money laundering. Garland confirmed in the statement that TD Bank agreed to accept a criminal fine of $1.8 billion, which, together with the civil enforcement action, brings the total fine against the bank to approximately $3 billion. He noted that the resolution includes "the largest fine ever imposed under the Bank Secrecy Act and the first time the Department of Justice has assessed a daily penalty against a bank." The bank is the largest bank in U.S. history to admit to violating the Bank Secrecy Act and the first to admit to conspiracy to launder money. The Department of Justice highlighted the bank's compliance failures, which created an environment for financial crime to flourish. (Bitcoin.com)