TD Bank Group, also known as Toronto-Dominion Bank, is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. It was founded in 1955 through a merger of the Bank of Toronto and the Dominion Bank. It is also the 10th largest bank in the United States.
According to reports, TD Bank pleaded guilty to conspiracy to commit money laundering and has agreed to pay the sum of $3 billion USD in settlement with the U.S. Department of Justice to resolve charges against facilitating money laundering over multiple years.
The report further mentions that the bank allowed at least 3 different money laundering networks to move approximately $670 million USD through the company’s Bank accounts over a period of several years. The bank will undergo major restructuring of its corporate compliance program moving forward.
