TD responded to media reports suggesting the fine could be higher than previously expected. Additionally, analysts have suggested that regulatory actions could impact the company’s long-term financial performance.
TD announced earlier this week that it had received an initial provision of $450 million in connection with discussions with one of the U.S. regulators. The matter is related to previously disclosed regulatory and law enforcement investigations into TD’s U.S. Bank Secrecy Act/anti-money laundering programs.
“Criminals are persistently targeting financial institutions for money laundering, and TD is committed to stopping this illegal activity,” said Bharat Masrani, group president and CEO of TD Bank Group. We have a responsibility and an obligation.”
“We regret that there were significant instances where the bank’s AML program was inadequate and did not effectively monitor, detect, report and respond. This is unacceptable and inconsistent with our values. As we have stated previously, these issues are not included in any policy.”This relates to TD’s honest dealings with customers. ”
TD program fixes, platform enhancements
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We have recruited prominent AML executives with proven leadership from across the private and public sectors.
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We hired hundreds of new AML professionals with deep expertise in program design, monitoring, and execution.
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Introduced a new company-wide training and onboarding program to improve program performance and consistency.
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We have made significant investments in new technology, processes, and controls to improve oversight across the enterprise. These increased account monitoring, required reviews, accelerated escalation, and prohibited new activity.
“TD Addresses Media Coverage of AML Programs” was originally written and published. Retail Banker Internationala brand owned by GlobalData.
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