Pay $3 billion fine
On Thursday (October 10), TD Bank of Canada
reached a plea agreement with the US government for anti-money laundering charges, in addition to agreeing to pay a $3 billion fine
including $1.8 billion from the Department of Justice DOJ, $1.3 billion from the Financial Crimes Enforcement Network FinCEN,
$450 million from the Office of the Comptroller of the Currency OCC.
The bank's US branch is also required to accept asset limits
This penalty may be the largest anti-money laundering fine ever imposed on a bank in the United States (excluding sanctions violations)
exceeding the nearly $2 billion fine paid by HSBC in 2014.
HSBC was fined by the US Department of Justice for failing to monitor the multi-billion dollar money laundering operations of Mexican drug cartels.