TD Bank has reached a significant settlement, agreeing to pay $1.2 billion to resolve allegations that it played a role in facilitating a Ponzi scheme and being lax in preventing money laundering. The settlement follows a series of accusations that TD Bank failed to flag suspicious transactions linked to a notorious scam orchestrated by Allen Stanford, who is serving a 110-year prison sentence. This deal brings one of the largest settlements of its kind to TD Bank, which has been working to tighten its controls and policies in response to the accusations.