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Violation Tracker Individual Record

Company: TD Bank N.A.
Current Parent Company: Toronto-Dominion Bank
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $1,886,945,780
Year: 2024
Date: October 10, 2024
Offense Group: financial offenses
Primary Offense: anti-money-laundering deficiencies
Mega-Scandal: Anti-Money Laundering Deficiencies
Violation Description: TD Bank N.A. (TDBNA), the 10th largest bank in the United States, and its parent company TD Bank US Holding Company (TDBUSH) pleaded guilty and agreed to pay over $1.8 billion in penalties to resolve the Justice Department's investigation into violations of the Bank Secrecy Act (BSA) and money laundering. TDBNA pleaded guilty to conspiring to fail to maintain an anti-money laundering (AML) program that complies with the BSA, fail to file accurate Currency Transaction Reports (CTRs), and launder money. TDBUSH pleaded guilty to causing TDBNA to fail to maintain an AML program that complies with the BSA and to fail to file accurate CTRs. The guilty pleas are part of a coordinated resolution with the Board of Governors of the Federal Reserve Board (FRB), as well as the Treasury Department's Office of the Comptroller of the Currency (OCC) and Financial Crimes Enforcement Network (FinCEN). See separate Violation Tracker entries. The DOJ plea agreement included forfeiture of $452,432,302 and a criminal fine of $1,434,513,478, for a total financial penalty of $1,886,945,780. TD Bank also agreed to retain an independent compliance monitor for three years and to remediate and enhance its AML compliance program. The Justice Department credited $123.5 million of the forfeiture toward the FRB's resolution.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Criminal Division
Civil or Criminal Case: criminal
HQ Country of Current Parent: Canada
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.