Shares of TD Bank () tumbled Thursday as the Canadian bank pleaded guilty and agreed to pay more than $3 billion in penalties to resolve U.S. charges that it failed to curb money laundering by drug cartels.

"By making its services convenient for criminals, TD Bank became one," U.S. Attorney General Merrick Garland said. "Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first U.S. bank in history to plead guilty to conspiracy to commit money laundering."

TD agreed to pay more than $1.8 billion to resolve the Justice Department's (DOJ) charges, and a $1.3 billion penalty to the Treasury Department's Financial Crimes Enforcement Network (FinCEN). TD also accepted limits by the Office of the Comptroller of the Currency (OCC) on how much the bank's U.S. retail operations can grow.

Outgoing CEO Says 'These Failures Took Place on My Watch'

"We have taken full responsibility for the failures of our U.S. [Anti-Money-Laundering] program and are making the investments, changes and enhancements required to deliver on our commitments," outgoing TD Bank Chief Executive Officer (CEO) Bh꧙arat Masrani said. "This is a difficult chapter in our bank's history. These failures too🦹k place on my watch as CEO and I apologize to all our stakeholders."

Masrani in August said the bank was working with U.S. regulators and law enforcement to resolve the issues. The Canadian lender 澳洲幸运5官方开奖结果体彩网:last month said that Masrani would be stepping down in April 2025 and announced a 澳洲幸运5官方开奖结果体彩网:succession plan for the CEO.

TD Bank posted an 澳洲幸运5官方开奖结果体彩网:unexpected third-quarter loss as it set aside billions of doll𝄹ars in anticipation of the fines over the probe into its anti-money-laundering practices.

Shares of TD Bank fell more than 5% Thursday afternoon to $59.5♚4. They are down about 8% this year.

UPDATE: This story has been updated with the official an🦄𝓀nouncements and the latest share price information.