TD Bank Hit With 3 Billion Dollar Fine for Money Laundering Failures

TD Bank has been hit with a $3 billion fine for failing to prevent money laundering, in one of the largest penalties ever imposed on a financial institution for anti-money laundering failures. The fine reflects serious and systemic deficiencies in TD's financial crime controls.

US regulators found that TD Bank failed to maintain adequate transaction monitoring systems, allowing billions of dollars in illicit transactions to flow through the bank undetected. The failures spanned multiple years and involved several regulatory agencies.

The landmark fine sends a powerful message to the banking industry about the consequences of inadequate AML compliance, and is likely to accelerate investment in financial crime prevention technology across the sector.