Key Takeaways Shares of TD Bank tumbled Thursday as the Canadian bank pleaded guilty and agreed to pay more than $3 billion in penalties to resolve U.S. charges that it failed to curb money laundering by drug cartels. In addition, TD accepted limits on how much the bank's U.S. retail operations can grow. Last month, TD said that CEO Bharat Masrani would be stepping down in April 2025 and announced a succession plan. Shares of TD Bank (TD) tumbled Thursday as the Canadian bank pleaded guilty and agreed to pa ...

TD Bank Group's Compliance Failures and Penalties - TD Bank Group takes full responsibility for failures in its US Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance programs and commits to remediation efforts [1] - The bank and its US subsidiaries consented to orders and entered into plea agreements with US regulators regarding BSA and AML program investigations [1] - TD Bank's US operations lacked an adequate AML program to prevent criminal activity, leading to systemic deficiencies from January 2014 to October 2023 [2][3] Regulatory Actions and Penalties - TD Bank N A and TD Bank US Holding Co agreed to pay over $1 8 billion in penalties to resolve the Justice Department's investigation into BSA and AML violations [3] - The Office of the Comptroller of the Currency (OCC) imposed a $450 million civil money penalty and a cease and desist order on TD Bank N A and TD Bank USA [4] - The Financial Crimes Enforcement Network (FinCEN) assessed a $1 3 billion penalty against TD Bank N A and TD Bank USA N A for BSA and AML violations [5] Remediation Measures and Oversight - TD Bank appointed new leaders across its US operations and overhauled its US AML team to address compliance failures [2] - The bank agreed to a four-year monitor to oversee remedial measures, including an end-to-end review of its AML program [6] - FinCEN required TD Bank to provide missing suspicious activity reports and conduct additional accountability and data governance reviews [7] Historical Context - TD Bank became the largest US bank in history to plead guilty to Bank Secrecy Act program failures and the first US bank to plead guilty to conspiracy to commit money laundering [4] - The $1 3 billion penalty imposed by FinCEN is the largest ever against a depository institution in the history of the US Treasury and FinCEN [5]

Topline TD Bank will pay $3 billion in penalties to regulators as part of an agreement announced Thursday, sending the bank's stock tumbling around 5% after it pleaded guilty to failing to maintain an anti-money laundering program, making itself into an "easy target" for financial criminals. TD said Thursday criminals exploited their systems. (Photo by Beata Zawrzel/NurPhoto via Getty ... [+] Images) NurPhoto via Getty Images Key Facts TD Bank's U.S. arm "failed to appropriately fund and staff" its anti-mon ...

TD Bank became the largest bank in US history to plead guilty to violating a federal law aimed at preventing money laundering, and agreed to pay $3 billion in penalties to resolve the charges, government authorities said on Thursday. TD's plea deal includes imposition of an asset cap and other limitations to its business, authorities said. The bank has pleaded guilty to conspiring to launder money and conspiring to fail to file accurate reports or maintain a compliant anti-money laundering program, the Just ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...

Settlement Details - TD Bank is expected to pay $3 billion in fines to the Department of Justice and financial crimes regulators to settle a federal probe related to alleged failure to monitor money laundering by drug cartels [1] - The settlement includes growth restrictions on TD Bank, similar to those imposed on Wells Fargo in 2018 [2] Market Reaction - TD Bank shares were down more than 3% midday Thursday following the news [2] Company Background - TD Bank's U S unit is the 10th-largest American bank by assets [1]

The Wall Street Journal reports that TD is expected to plead guilty to criminal charges in an anti-moneylaundering case. Shares of Toronto-Dominion Bank (TD -4.55%) fell by as much as 7% Thursday morning after a bombshell report from The Wall Street Journal said that U.S. regulators were preparing to fine the large Canadian lender about $3 billion and place an asset cap on its U.S. operations in a deal to settle charges that it had failed to properly follow anti-money-laundering laws. As of 11 a.m. ET, shar ...

TD Bank's American unit is reportedly set to plead guilty to anti-money laundering failures. The Toronto-based bank is expected to pay a roughly $3 billion penalty and agree to limits on its growth in the U.S. as part of the plea deal, the Wall Street Journal (WSJ) reported late Wednesday (Oct. 9). Sources told the WSJ that — under the plea agreement — the U.S. Office of the Comptroller of the Currency is expected to place an asset cap prohibiting TD's retail business from expanding beyond a certain level i ...

KEY TAKEAWAYS Shares of TD Bank are falling in premarket trading on a report that the Canadian bank is set to pay around $3 billion in penalties and accept limits on its U.S. growth. According to The Wall Street Journal, the Office of the Comptroller of the Currency is expected to impose the fines and place a limit on how much the bank's U.S. retail operations can grow following charges it failed to over charges it failed to curb money laundering by drug cartels. Last month, TD said that CEO Bharat Masrani ...

Investing for income isn't an approach that's for everyone. But when it's done the right way, it can be a savvy investing strategy. Hi, my name is Kody. Aside from my four to five weekly articles here on Seeking Alpha, I am also a contributor to Sure Dividend, Dividend Kings, and iREIT on Alpha. I have been investing since September 2017 and interested in dividend investing since about 2009.Since July 2018, I have ran Kody's Dividends. This is a blog that is documenting my journey towards financial independ ...