TD Bank has become the largest bank ever to plead guilty to violating US anti-money laundering (AML) laws. It has agreed to pay a US$3 billion penalty after pleading guilty to criminal charges in the US due to its involvement in facilitating the transfer of illicit funds for drug cartels and other criminals.

The Canadian bank also faces separate but related civil penalties which include a financial penalty as well as a cease to desist order, a rare punishment that will temper TD Bank’s ambitions to grow its business.

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