TD Bank is the biggest bank to plead guilty to Bank Secrecy Act violations. The Bank Secrecy Act which was enacted in 1970 to combat money laundering requires banks to establish and maintain programs that guard against money laundering.

TD Bank has pleaded guilty to US criminal charges. Prosecutors say one client laundered more than $470m in drug proceeds at the bank.

TD Bank allowed money laundering networks to move more than $670 million through its accounts between 2019 and 2023, Justice Department says.