**TD Bank to Pay Over $3 Billion for Anti-Money Laundering Failures**

TD Bank, the 10th largest bank in the United States, has agreed to pay more than $3 billion in federal penalties after admitting to significant lapses in its anti-money laundering practices. The bank's admission includes failing to prevent money laundering by drug traffickers and facilitating transactions in a massive Ponzi scheme.

The Department of Justice revealed on Thursday that TD Bank pleaded guilty to charges of "conspiring to fail to maintain an anti-money laundering (AML) program." The bank's shortcomings allowed for financial crimes, including significant involvement in enabling transactions for a Ponzi scheme, as stated by FinCEN, the Treasury Department's financial crimes enforcement arm.

TD Bank, which as of December 31 had $367 billion in assets, operates with a workforce of approximately 27,000 employees across more than 1,100 branches. In response to the penalties, the bank has acknowledged its failures and committed to making the necessary investments and changes to implement new systems for its U.S. operations.

Despite the challenges posed by the penalty, which include restrictions on deposit growth in the U.S., TD Bank expressed confidence in its continuing strength and stability. The bank emphasized it has the financial capacity and operational flexibility to carry out the required U.S. AML remediation program, serve its over ten million U.S. customers, and invest in fortifying its business.