Canada’s TD Bank is reportedly set to pay approximately $3 billion in penalties as part of a settlement with U.S. regulators and prosecutors regarding its failure to adequately monitor money laundering activities linked to drug cartels, according to the Wall Street Journal.
The bank’s U.S. unit is expected to plead guilty to the charges on Thursday. In addition to the financial penalties, the settlement will impose restrictions on the bank’s growth in the U.S., with the Office of the Comptroller of the Currency (OCC) reportedly set to impose an asset limit.
The U.S. Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN) are planning to appoint independent monitors to oversee the bank’s compliance with the settlement terms. The FinCEN monitor is expected to remain in place for four years.
The settlement will involve multiple regulatory bodies, including the DOJ, FinCEN, OCC, and the Federal Reserve. It is anticipated that the DOJ will receive the largest portion of the penalties, around $1.8 billion, while FinCEN will receive approximately $1.3 billion.
TD Bank did not respond immediately to requests for comment from Reuters. The development underscores ongoing concerns about compliance and oversight within financial institutions regarding anti-money laundering regulations.

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