TD Bank is the biggest bank to plead guilty to Bank Secrecy Act violations. The Bank Secrecy Act which was enacted in 1970 to combat money laundering requires banks to establish and maintain programs that guard against money laundering.

The TD Bank settlement is a historic event in many ways, including penalties from three different government entities. Read on to learn five high-value facts about the scandal.

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.

For more than a decade, the bank allowed billions of dollars from illicit activities to flow through the U.S. financial system unchecked. Some are wondering why examiners didn't put a stop to it sooner.

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 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.

Toronto-Dominion Bank has agreed to pay fines totalling about US$3.09 billion from U.S. regulators after pleading guilty to multiple charges related to failures in its anti-money laundering program.