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Federal authorities began probing TD’s internal controls after agents discovered a Chinese criminal operation bribed employees and brought large bags of cash into branches to launder millions of dollars.

Two TD Bank units have pleaded guilty to United States criminal charges and agreed to pay $3bn in combined penalties to resolve federal government probes into money laundering, US authorities have said, making it the largest bank in US history guilty for such violations.

The plea deal includes imposition of an asset cap and other limitations to its business, authorities said on Thursday. It comes after multiple government investigations into what authorities described as pervasive issues at TD Bank. For years, the government said, TD ignored red flags from high-risk customers and created a “convenient” environment for bad actors to exploit.

The bank has pleaded guilty to conspiring to launder money and conspiring to fail to file accurate reports or maintain a compliant anti-money laundering programme, the US Department of Justice said.

“TD Bank chose profits over compliance in order to keep its costs down,” Attorney General Merrick Garland said at a news conference. He said TD was the largest bank to admit to violating the US Bank Secrecy Act.

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