TD Bank to pay $3 billion in historic money-laundering settlement with the Justice Department

WASHINGTON (AP) — TD Bank will pay approximately $3 billion in a historic settlement with U.S. authorities who said Thursday that the financial institution's lax practices allowed significant money laundering over multiple years.

Canada-based TD Bank pleaded guilty to criminal changes in the money-laundering investigation and is the largest bank in U.S. history to do so, Attorney General Merrick Garland said.

“TD Bank created an environment that allowed financial crime to flourish," Garland said.

The Justice Department said the bank's failure to prevent money laundering made it “convenient” for criminals. That allowed money-laundering networks to move hundreds of millions of dollars through TD Bank accounts over a period of years, prosecutors said.

The bank did not immediately respond to a message seeking comment Thursday.