TD Bank pleads guilty to bank secrecy, money laundering violations

​​​​​​​By Ovunc Kutlu

ISTANBUL (AA) - TD Bank pleaded guilty to the Bank Secrecy Act and money laundering conspiracy violations, the US Justice Department announced Thursday.

The 10th largest bank in the US and its parent company agreed to pay more than $1.8 billion in penalties to resolve the Justice Department’s investigation into violations of the Bank Secrecy Act and money laundering, the agency said in a statement.

Its parent company, TD Bank US Holding Company, pleaded guilty to conspiring to fail to maintain anti-money laundering, it added.

"Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering," Attorney General Merrick Garland said in the statement.

"TD Bank chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties. Let me be clear: our investigation continues, and no individual involved in TD Bank’s illegal conduct is off limits," he added.