TC Bank Pleads Guilty For Failure To Monitor Criminal Money Laundering. DOJ Caps Assets At $434 Billion.

Benzinga

TD Bank pleaded guilty to multiple criminal charges and will pay $3 billion in penalties for failing to monitor money laundering by criminals, including drug traffickers. The settlement with the Department of Justice and financial regulators includes limits on the bank’s U.S. growth, capping its assets at $434 billion. Attorney General Merrick Garland emphasized the bank's complicity, citing that it allowed over $670 million in illegal funds to flow through its accounts. The DOJ continues to investigate the case, with further prosecutions expected.

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00:00It's Benzinga, and here's what's on the block.

00:02TD Bank pleaded guilty to multiple criminal charges and will pay $3 billion in penalties

00:07for failing to monitor money laundering by criminals, including drug traffickers.

00:12The settlement with the Department of Justice and financial regulators includes limits on

00:16the bank's U.S. growth, capping its assets at $434 billion.

00:21Attorney General Merrick Garland emphasized the bank's complicity, citing that it allowed

00:25over $670 million in illegal funds to flow through its accounts.

00:30The DOJ continues to investigate the case, with further prosecutions expected.

00:34For all things money, visit Benzinga.com.

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