TD Bank Pays $3B Fine After Pleading Guilty In Money Laundering Case, 'Making Its Services Convenient For Criminals'
Portfolio Pulse from Maureen Meehan
Toronto-Dominion Bank (NYSE:TD) has agreed to pay $3.09 billion in fines to U.S. authorities after pleading guilty to money laundering-related charges. The bank was accused of facilitating money laundering for nearly a decade, leading to the largest penalty ever imposed by U.S. authorities for such violations. An asset cap has been imposed to limit TD Bank's growth, marking a significant regulatory action.
October 10, 2024 | 10:17 pm
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TD Bank has been fined $3.09 billion for money laundering-related charges, marking the largest penalty ever for such violations. An asset cap has been imposed, limiting the bank's growth.
The $3.09 billion fine and the imposition of an asset cap are significant regulatory actions that directly impact TD Bank's operations and growth potential. The market has already reacted negatively, with a 5.29% drop in stock price, indicating a likely continued short-term negative impact.
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