Banking big Toronto Dominion (TD) is making ready to pay practically 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 line with 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 combination quantity of potential financial penalties or any non-monetary penalties, that are unknown and never reliably estimable right now.”
The financial institution now says it’s working to deal with the problems inside its AML program.
“Work has been underway to treatment these deficiencies.
TD is a powerful establishment with the capital, liquidity, and capability to fund the vital effort at the moment underway to strengthen its AML program, spend money on the enterprise, and proceed to serve its prospects and purchasers with excellence.”
TD’s US arm, primarily based in Wilmington, Delaware, has $367 billion in belongings beneath administration and is at the moment the tenth largest financial institution working throughout the US.
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