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 became the largest bank in U.S. history to plead guilty to violating a federal law aimed at preventing money laundering, and agreed to pay $3 billion in penalties to resolve the charges, government authorities said on Thursday.

TD Bank will pay $3 billion to settle charges that it failed to properly monitor money laundering by drug cartels, a source with knowledge of the settlement told CNN.

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, the 10th largest bank in the United States, has agreed to pay penalties of more than $3 billion to settle charges of bank secrecy violations and money laundering, the Justice Department announced Thursday.

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

TD Bank today pled guilty and agreed to pay over $1.8 billion in penalties to resolve the Justice Department’s investigation into violations of the Bank Secrecy Act (BSA) and failure to comply with anti-money laundering rules.

TD Bank will pay almost $3.1 billion in fines and other penalties and face a cap on its US retail banking assets after pleading guilty to failing to prevent money laundering by drug cartels, among others.