Banking big Toronto Dominion (TD) is making ready to pay almost half a billion {dollars} in penalties over an insufficient anti-money laundering (AML) program.
In an announcement, TD says it has put aside an preliminary provision of $450 million to pay the US authorities over an AML program that was “inadequate to successfully monitor, detect, report, and reply to suspicious exercise.”
In response to the announcement from TD, the financial institution is in ongoing discussions with three US regulators, plus the U.S. Division of Justice (DOJ).
TD says it expects extra financial penalties and that the preliminary provision doesn’t “mirror the ultimate mixture quantity of potential financial penalties or any non-monetary penalties, that are unknown and never reliably estimable at the moment.”
The financial institution now says it’s working to handle the problems inside its AML program.
“Work has been underway to treatment these deficiencies.
TD is a robust establishment with the capital, liquidity, and capability to fund the important effort at present underway to strengthen its AML program, spend money on the enterprise, and proceed to serve its prospects and shoppers with excellence.”
TD’s US arm, primarily based in Wilmington, Delaware, has $367 billion in property underneath administration and is at present the tenth largest financial institution working throughout the US.
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