The Toronto-Dominion Bank

On October 10, 2024, TD Bank N.A. and TD Bank US Holding Company, U.S. subsidiaries of The Toronto-Dominion Bank, pleaded guilty in the United States to Bank Secrecy Act and money-laundering-conspiracy charges and agreed to pay approximately $1.887 billion in criminal penalties. The U.S. Department of Justice said the banks failed to maintain an adequate anti-money-laundering program from January 2014 through October 2023 and that large portions of transaction activity went unmonitored. This record attributes the convictions to the named U.S. subsidiaries, not to a criminal conviction of the Canadian parent. Primary source: https://www.justice.gov/archives/opa/pr/td-bank-pleads-guilty-bank-secrecy-act-and-money-laundering-conspiracy-violations-18b