TD Bank Group increases anti-money laundering penalty provision to over $3bn under US investigation.
TD Bank Group has allocated an additional $2.6bn to cover potential U.S. regulatory penalties related to its anti-money laundering program, bringing the total amount to over $3bn. The bank is currently under investigation by U.S. regulators, including the Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Justice, over money-laundering issues in several US branches. TD Bank Group plans to sell part of its stake in Charles Schwab to mitigate the financial impact of these penalties, and expects a global resolution of the civil and criminal investigations by the end of the year.
August 21, 2024
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