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TD Bank to Pay $3 Billion, Face US Asset Cap Over Failure to Monitor Cartel Money Laundering

Oct 9, 2024, 11:41 PM

Toronto-Dominion Bank (TD Bank) is expected to pay about $3 billion in penalties and face restrictions on its US growth, including an asset cap on its US retail operations, as part of a settlement with US regulators and prosecutors over charges that it failed to properly monitor money laundering activities by drug cartels. The settlement represents a significant blow to the bank's American ambitions.