TD Bank Reportedly Facing $3 Billion Money Laundering Penalty

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 ...