TD Bank forced to pay billions in fines

The Canadian TD Bank, known as the second largest bank in Canada and the tenth largest in the USA, is facing an immense challenge. It will pay $3 billion in fines after pleading guilty to failing to adequately address money laundering. This was revealed by confidential sources who confirm that the deal, in addition to the payments to various U.S. regulators and the Department of Justice, includes a growth restriction for the bank, a measure that is rarely applied and represents a significant growth obstacle. This settlement, to be officially announced later on Thursday, resolves ongoing investigations by the Department of Justice, the Office of the Comptroller of the Currency (OCC), and the Financial Crimes Enforcement Network (FinCEN). In addition to the fine, TD has agreed to conduct independent audits. The bank had already set aside $3 billion to cover these sanctions and has seriously invested in initiatives to improve its compliance. Looking back, TD had only recently canceled its planned $13 billion acquisition of the US regional bank First Horizon and simultaneously made significant internal restructurings, including the appointment of a new CEO in Canada. These measures signal the bank's attempt to move away from past scandals and regain the trust of its customers.