TD Bank is the biggest bank to plead guilty to Bank Secrecy Act violations. The Bank Secrecy Act which was enacted in 1970 to combat money laundering requires banks to establish and maintain programs that guard against money laundering.

As part of a deal, the TD Bank will pay more than $3 billion in fines for enabling drug traffickers and other criminals to open accounts and transfer money.

TD Bank allowed money laundering networks to move more than $670 million through its accounts between 2019 and 2023, Justice Department says.

TD Bank agreed to pay about $3 billion in fines to U.S. authorities and pleaded guilty on Thursday to money-laundering-related charges in a case brought by federal prosecutors, who said the Canadian bank made it “convenient” for criminals to open accounts, transfer funds and even deposit seven-figure sums of cash at its branches.

Toronto-Dominion Bank (TD Bank) will pay more than $3 billion and agreed to a limit on its future growth to settle charges it violated anti-money laundering laws, federal officials announced

"TD Bank created an environment that allowed financial crime to flourish," U.S. Attorney General Merrick Garland said. "By making its services convenient for criminals, it became one."

The Justice Department reported that money laundering networks transferred hundreds of millions of dollars through TD Bank branches for years.

For years, TD ignored red flags from high-risk customers and created a "convenient" environment for bad actors to exploit, the government said.