TD Bank to pay more than $3 bn to US in money-laundering case

Canada's TD Bank has agreed to pay more than $3 billion in penalties for failing to adequately monitor money laundering by drug cartels, US officials said Thursday.

TD Bank, the 10th largest bank in the United States, has pleaded guilty to multiple felonies including violating the Bank Secrecy Act and conspiracy to commit money laundering, Attorney General Merrick Garland said.

He said Two TD Bank employees have been charged for involvement in money laundering schemes and investigations into other employees are underway.TD Bank has around 1,100 branches in the United States and 10 million clients. It is Canada's second-largest bank after the Royal Bank of Canada.