TD Bank pleads guilty to money laundering charges and agrees to $3 billion settlement
TD Bank has agreed to plead guilty to money laundering charges and will pay a $3 billion settlement, as announced by U.S. Attorney General Merrick Garland on October 10. This marks a significant shift from the bank's previous attempts to downplay its issues. Despite acknowledging "serious failures" in its U.S. anti-money-laundering program, TD's leadership has not provided clear answers about the extent of the problems. Executives continue to use vague language, failing to rebuild trust with investors. The U.S. Department of Justice's findings highlight systemic issues within TD, contrasting with the bank's earlier claims of isolated incidents. U.S. regulators are now overseeing parts of TD's compliance program, raising concerns about the effectiveness of Canadian regulatory bodies.