Toronto-Dominion Bank (TD) sets aside $450m provision in response to a US regulatory inquiry into its anti-money laundering compliance program.
Toronto-Dominion Bank (TD) has set aside an initial $450m provision in response to an ongoing U.S. regulatory inquiry into its anti-money laundering compliance program. TD is in discussions with three U.S. regulators and the Department of Justice, expecting further monetary penalties. The bank previously admitted that its AML program was "insufficient to effectively monitor, detect, report, and respond to suspicious activity."
April 30, 2024
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