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.

TD Bank will pay $3 billion to settle charges that it failed to properly monitor money laundering by drug cartels, a source with knowledge of the settlement told CNN.

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

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

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.

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

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 will pay almost $3.1 billion in fines and other penalties and face a cap on its US retail banking assets after pleading guilty to failing to prevent money laundering by drug cartels, among others.