What to know as a TD Bank customer after $3 billion penalty in money laundering claims

TD Bank will pay more than $3 billion in penalties after admitting to failing to adequately guard against money laundering and violating the Bank Secrecy Act, federal authorities said Thursday.

According to the Department of Justice, the bank’s anti-money laundering policies were marked by “long-term, pervasive and systemic deficiencies” spanning nearly a decade, dating back to 2014. TD Bank, the 10th-largest bank in the U.S., repeatedly failed to take corrective action despite warnings from government regulators and its own auditors about suspicious transactions, according to the DOJ.

Is my money safe in TD bank?

In response to the penalties, TD Bank announced plans to restructure its balance sheet in the upcoming fiscal year.

“We think of 2025 as a transition year,” said Leo Salom, head of TD’s U.S. business, during a call with analysts, Reuters reported. “We’re going to use the year to make significant moves to create asset capacity and comply with the asset cap.”

The bank emphasized that its customers will not be affected by the penalties. “There is no impact to you. We remain focused on supporting your needs,” TD Bank said in a statement on its website.

“TD is a strong and stable institution,” the statement added. “We have taken full responsibility for the failures in our U.S. AML program and held those responsible accountable. We have already taken important steps to rebuild our AML program, with more work ahead.”

TD Bank serves nearly 28 million customers globally.

This article originally appeared on NorthJersey.com: What to know as a TD Bank customer after $3 billion penalty in money laundering claims