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 Group (NYSE:TD) stock slid 5.4% in Thursday afternoon trading after bank agreed to pay more than $3B to settle investigations into its anti-money laundering ("AML") practices. The company and some of its U.

The Canadian bank is indefinitely prohibited from growing assets at its two U.S. subsidiaries as the result of a sweeping settlement over money laundering violations. While only the second imposition of such a penalty ever,