TD Bank expected to pay $3B in penalties in U.S. settlement, WSJ reports

TD Bank is expected to pay roughly $3B in penalties and accept limits on its growth in the U.S. as part of a settlement with regulators and prosecutors over charges it failed to properly monitor money laundering by drug cartels, The Wall Street Journal’s Justin Baer, Dylan Tokar, and Vipal Monga report. According to people familiar with the matter, the Office of the Comptroller of the Currency is expected to impose an asset cap barring the bank’s retail business from growing above a certain level in the U.S. The settlement, which may be announced as soon as Thursday, will include the DOJ, FinCEN, the OCC, and the Federal Reserve.