02:35 PM EDT, 10/10/2024 (MT Newswires) -- (Updates with company statement throughout and stock move in the last paragraph.)

Toronto-Dominion Bank ( MLWIQXX ) said Thursday it will pay about $3.09 billion as part of resolutions for US anti-money laundering program failures and took full responsibility.

The bank said the amount is largely covered by previous provisions totaling $3.05 billion.

Together with its US subsidiaries, TD Bank said it entered into plea agreements with the Department of Justice, the US Attorney's Office for the District of New Jersey and will comply with the orders of the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Financial Crimes Enforcement Network.

The central bank's governing body fined TD $123.5 million for violating anti-money laundering laws, and also required the bank to implement enhanced measures to comply with regulations and to address its risk management deficiencies.

The Fed also required TD to establish a new US office that will remediate the deficiencies, and to relocate to the US parts of its anti-money laundering compliance program.

The OCC separately issued a cease and desist order and assessed a $450 million civil money penalty against TD Bank and TD Bank USA for deficiencies in the Bank Secrecy Act and anti-money laundering programs.

The stock was down 5% in recent trading.

Price: 59.64, Change: -3.12, Percent Change: -4.97