TD Bank The company is reportedly working to select a compliance monitor to track risk and control progress and report to regulators, following an October U.S. government order.
As banks grapple with this process, U.S. CEOs leo salom He told staff at City Hall this month that TD Bank is working to improve anti-money laundering (AML) and risk management, which is a top priority and has the resources to do so, Reuters reported Monday (November 25), citing anonymous sources.
Contacted by PYMNTS, a TD Bank spokesperson pointed to the bank's Oct. 10 resolution announcement confirming the introduction of monitors to improve AML, and said there was no further update at this time. said.
The bank spent $500 million this year to strengthen its compliance program, add training programs and hire several key executives, Reuters reported.
U.S. regulators and authorities announced on October 10 that TD Bank Group and some of its U.S. subsidiaries have been subject to a previously disclosed investigation into U.S. Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance programs. announced that they have agreed to the relevant orders and entered into a plea agreement. .
That day, Ministry of Justice TD Bank NA (TBNA) and its parent company TD Bank US Holdings (TDBUSH) said they have resolved a law enforcement investigation by pleading guilty and agreeing to pay more than $1.8 billion in fines. of Office of the Comptroller of the Currency (OCC) announced a cease-and-desist order and $450 million civil penalty against TBNA and TD Bank USA, restrictions on the banks' growth, and a requirement that they correct deficiencies in a timely manner. and the U.S. Treasury Financial Crimes Enforcement Network (FinCEN) announced that it has imposed a $1.3 billion fine on TBNA and TD Bank USA, NA.
TD Bank Group's chairman of the board said the bank's U.S. operations did not maintain an adequate AML program. alan mcgibbon “The board has taken and will continue to take steps to address these failures and hold those responsible accountable,” he said at the time.
On Friday (November 22), TD Bank Group announced two more changes to its bank accounts. senior executives The team will appoint a senior vice president, controller, and chief accountant; Michelle Myersas Global Lead Auditor and its Deputy U.S. Chief Auditor, effective December 9th. Keith Lambas Acting Chief Comptroller of the United States.
