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.

US will impose an asset cap on TD Bank, limiting its ability to grow its business as part of plea deal agreement

TD Bank will pay a $3 billion fine after pleading guilty to money laundering-related charges as federal prosecutors asserted the Canadian bank failed to adequately monitor signs of criminal activity.

Are you a TD Bank account holder? If so, your bank has just been fined some real paper. TD Bank has agreed to pay $3 billion to settle charges related to its failure to adequately monitor money laundering by drug cartels.

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

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

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.

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.