Toronto-Dominion Bank, commonly referred to as TD Bank, pled guilty Thursday to violating federal anti-money laundering and bank transparency laws, agreeing to pay more than $3 billion and limit its future growth. TD Bank, which is based in Canada, will pay billions of dollars in criminals fines and penalties to several federal agencies, including the Federal Reserve and Office of the Comptroller of the Currency, federal officials announced. TD Bank allegedly failed to adequately oversee its retail banking operations, which allowed a subsidiary to be used to launder hundreds of millions of dollars from "illicit proceeds." "TD Bank created an environment that allowed financial crimes to flourish. By making its services convenient for criminals, it became one,” Attorney General Merrick Garland said at a press conference Thursday afternoon. The bank is the largest in U.S history to plead guilty to charges under the Bank Secrecy Act and the first to plead guilty to conspiracy to commit money laundering, Garland said. The penalty levied against TD is the largest ever under the Bank Secrecy Act. Updated at 1:36 p.m.