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.

TD Bank pleaded guilty Thursday in a criminal money laundering case and agreed to pay a whopping $3 billion in fines and other penalties to the Department of Justice and federal financial regulators for failing to monitor money laundering by drug cartels.

"TD Bank created an environment that allowed financial crime to flourish," U.S. Attorney General Merrick Garland said. "By making its services convenient for criminals, it became one."

Toronto-Dominion Bank (TD Bank) will pay more than $3 billion and agreed to a limit on its future growth to settle charges it violated anti-money laundering laws, federal officials announced

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 is facing a massive fine after regulators said its poor controls allowed for “significant money laundering, terrorist financing, or other illicit financial transactions.”

Today comes a tale of caution to banks and various lenders across the country that choose profits over compliance.

TD Bank will pay more than $3 billion in penalties after admitting to failing to adequately guard against money laundering, officials said.

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

TD Bank pleaded guilty on Thursday to failing to maintain an anti-money laundering program, among other charges.