Money laundering penalties levied against Toronto-Dominion Bank this week by U.S. regulators could be a drag on the bank’s stock price long-term, analysts warn.
On Thursday, TD agreed to pay fines totalling about US$3.09 billion after pleading guilty to multiple charges related to failings in the bank’s anti-money laundering program.
The bank is now the largest in U.S. history to plead guilty to Bank Secrecy Act program failures and the first to admit to conspiracy to commit money laundering, according to U.S. Attorney General Merrick Garland, who made the comments in a Thursday afternoon press conference….