TD Bank Faces $3 Bln Penalties & Growth Restrictions In US Over Money Laundering Violations : Report

Toronto-Dominion Bank

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(RTTNews) - TD Bank (TD, TD.TO) is expected to pay about $3 billion in penalties and accept limits on its growth in the U.S. as part of a settlement with regulators and prosecutors over charges it failed to properly monitor money laundering by drug cartels, according to a report by the Wall Street Journal citing sources familiar with the matter.

As part of this agreement, the bank's primary U.S. regulator, the Office of the Comptroller of the Currency, is expected to impose an asset cap, preventing the bank from exceeding a certain growth threshold in the U.S.

According to the Journal, the U.S. unit of the Canadian bank is anticipated to enter a guilty plea on Thursday for failing to establish adequate anti-money-laundering systems.