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.

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 agreed to pay about $3 billion in fines to U.S. authorities and pleaded guilty on Thursday to money-laundering-related charges in a case brought by federal prosecutors, who said the Canadian bank made it “convenient” for criminals to open accounts, transfer funds and even deposit seven-figure sums of cash at its branches.

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 created an environment that allowed financial crime to flourish,” said Attorney General Merrick Garland.

TD Bank became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures on Thursday, and the first bank in history to plead guilty to conspiracy to commit money laundering.

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

Canada's TD Bank agreed to pay a combined $3 billion in penalties on Thursday as part of a settlement with U.S. authorities over charges it failed to monitor and prevent money laundering.

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.