The Globe and Mail reports in its Saturday edition that the severe problems that U.S. regulators discovered in TD Bank's retail operations should put to bed the myth of Canadian banks as icons of good management. Globe's Ian McGugan writes that TD will pay $3-billion (U.S.) in fines for "significant, systemic breakdowns" in allowing money laundering to flourish. Even low-level TD employees joked in internal e-mails that the bank was an easy mark for bad actors. It is doubtful TD's troubles will end there. As Warren Buffett once said, "There is seldom just one cockroach in the kitchen." Wells Fargo, for example, took an initial stumble in 2016 when it was forced to admit that employees had created fake bank accounts in customers' names to meet unrealistic profit goals. TD this year already paid $20-million (U.S.) to resolve a separate investigation by U.S. authorities of fraudulent trading by a former employee. Another reason for caution is TD's questionable decision to bet so much on expanding its retail banking operations in the U.S. The U.S. operates in a much more competitive environment and under a regulatory regime that is much less friendly to Canadian banks than back home. Investors may want to take note.