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.

TD Bank will pay approximately $3 billion in a historic settlement with U.S. authorities who say the financial institution’s lax practices allowed significant money laundering over multiple years

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

TD Bank, the 10th largest bank in the United States, has agreed to pay penalties of more than $1.8 billion to settle charges of bank secrecy violations and money laundering, the Justice Department announced Thursday.

TD Bank today pled guilty and agreed to pay over $1.8 billion in penalties to resolve the Justice Department’s investigation into violations of the Bank Secrecy Act (BSA) and failure to comply with anti-money laundering rules.