TD Bank 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.
As part of the agreement, the bank’s primary U.S. regulator, the Office of the Comptroller of the Currency, is expected to impose an asset cap barring the bank’s retail business from growing above a certain level in the U.S., according to people familiar with the matter.
But TD was the Social Justice bank! – Oh well they’ll just jack up customer service charges and pay this off in a week or two.
