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

  • TD Bank, a major Canadian lender, pleaded guilty to criminal charges in the US and agreed to pay over $3 billion in penalties after allowing illicit transfers by drug cartels.
  • As part of the settlement, TD Bank faces restrictions on US growth, relocation of its anti-money laundering compliance office to the US, and penalties distributed to multiple agencies.
  • The bank is the largest in US history to plead guilty to such charges, and it will undergo four years of monitoring by FinCEN.
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