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TD Bank pleads guilty to bank secrecy act violations, agrees to $1.8B penalty

LEGAL NEWSLINE

Thursday, November 21, 2024

TD Bank pleads guilty to bank secrecy act violations, agrees to $1.8B penalty

Attorneys & Judges
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Merrick B. Garland, Attorney General | https://www.justice.gov/

The Justice Department has announced that TD Bank N.A., the 10th largest bank in the United States, along with its parent company TD Bank US Holding Company, has pleaded guilty to violations of the Bank Secrecy Act and money laundering conspiracy. The financial institution has agreed to pay over $1.8 billion in penalties as part of a resolution with the Justice Department.

Attorney General Merrick B. Garland delivered remarks on this development, emphasizing the significance of the guilty plea by TD Bank for these violations. Deputy Attorney General Lisa Monaco also addressed the announcement, underscoring the implications of this legal outcome.

Principal Deputy Assistant Attorney General Nicole M. Argentieri provided further comments on TD Bank's admission of guilt regarding these charges.

This case marks a significant enforcement action by federal authorities concerning compliance with financial regulations designed to prevent money laundering and other illicit activities within banking institutions.

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