The US Department of Justice announced Thursday that TD Bank has pled guilty to violations of the Bank Secrecy Act for “willful failure to maintain an adequate anti-money laundering program.” The guilty plea acknowledges TD Bank’s fundamental failures to uphold its legal obligations and the harm caused to the public and the US financial system.

The bank has been fined a historic amount of over 3 billion dollars for its “prioritization of growth and customer experience over compliance.” As part of its plea deal, the bank agreed to undertake a systematic review of its anti-money laundering compliance program and establish policies and procedures for identifying and reporting money laundering. Additionally, it has also undertaken to be subject to an independent compliance monitor chosen by the US Treasury Department’s Financial Crimes unit.

The fine is payable to several US institutions: a $1.3 billion civil penalty with the US Treasury Department, Financial Crimes Enforcement Network; a $1.8 billion criminal penalty with the US Department of Justice; $123.5 million to the Federal Reserve Board; and $450 million to the Office of the Comptroller of Currency.

Attorney General Merrick B. Garland stated in a press release:

By making its services convenient for criminals, TD Bank became one. Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering. TD Bank chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties. Let me be clear: our investigation continues, and no individual involved in TD Bank’s illegal conduct is off limits.

TD Bank is the second largest bank in Canada, and over the last decade it has expanded into the US market to become the 10th largest in the US. The guilty plea is the centerpiece of a broad series of legal actions the DOJ has taken to combat anti-money laundering. In addition to corporate accountability, the DOJ has successfully pursued individuals who used TD Bank for money laundering. This fine and announcement from the DOJ are expected to signal other financial institutions to shore up their AML practices to prevent further harm to the public.