Yes, it’s true that TD Bank has been hit with a historic penalty for its involvement in money laundering schemes. The bank agreed to pay $3 billion to settle the case. The U.S. Department of Justice claimed that TD Bank had violated anti-money laundering regulations and failed to report certain suspicious activity. In addition to the monetary penalty, TD Bank has agreed to improve its compliance procedures and conduct ongoing monitoring to prevent future violations. This settlement underscores the importance of banks maintaining robust regulatory compliance programs to prevent and detect illicit activities.
TD Bank pleads guilty in money laundering case, will pay $3 billion in penalties
