TORONTO, Oct 10 (Reuters) - TD Bank (TD.TO), opens new tab became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures on Thursday, and the first bank in history to plead guilty to conspiracy to commit money laundering.

Below are comments from U.S. government officials describing how TD's lapses led to $3 billion in penalties, an asset cap and independent monitoring of its operations. Some quotes have been edited for length.

U.S. ATTORNEY GENERAL MERRICK GARLAND:

"Over the course of a three-year period, a person who TD Bank employees knew as David moved over $470 million in illicit funds through TD Bank branches in the United States.

"He found that TD Bank had the most permissive policies and procedures, and so chose to launder most of his funds there. He also bribed TD bank employees more than $57,000 in gift cards.