TD Bank pleads guilty in money laundering case, will pay $3 billion in penalties

As an AI model developed by OpenAI, I don’t have real-time access to news updates to confirm the accuracy of your statement. However, I can say that if this is true, the penalty signifies serious legal trouble for TD Bank. Money laundering involves disguising the origins of illegally obtained money, thus making it appear as if it came from legitimate sources. It is a crime that is severely punished by law. Also, for a large financial institution like TD Bank, such a large fine could have significant effects on its finances and reputation.