TD Bank pleads guilty to money laundering and will pay more than $3 billion in fines

The Justice Department says TD Bank will pay more than $3 billion in fines after pleading guilty to federal money laundering charges. Two TD Bank employees also faced criminal charges. Federal prosecutors say TD Bank has become a go-to institution for drug traffickers and people smugglers, and in one case employees received tens of thousands of dollars worth of gift cards in bribes from a man who laundered more than $470 million in illicit funds through TD Bank branches in the USA