TD Bank US authorities said Thursday (February 27th) chose a consulting company. Guide post solutions As an independent monitor to oversee bank remedial efforts.
Leosalomthe US head of TD Bank said in the bank's revenues, Ministry of Justice and Ministry of Finance's Financial Crime Enforcement Network (Fincen) Monitor and Wall Street Journal were jointly selected It has been reported Thursday.
The bank agreed to maintain third party monitors to oversee Its repair According to the report, the Money Laundering Anti-Money Laundering (AML) Compliance Program was part of the settlement announced in October.
“There's still a lot to do. It's a multi-year process, but we remain unshakable in our commitment to it. build The AML program you need, and we will continue to provide updates QuarterlyAccording to the report, Salom said in a call Thursday.
Reuters too It has been reported Guide post solutions were selected as monitors on Thursday, citing an interview with TD Bank's Chief Financial Officer Kelvin Tran.
The compliance program will take several years and the cost of the monitor will be paid from the $500 million reserved by TD Bank for the program.
“Repairing AML is our number one priority at TD and we are making steady progress,” Tran said according to the report.
When announcing Village In October, TD Bank Group and US regulators and authorities said that banks and some the The US subsidiary agreed to the order and entered into a judicial agreement relating to previously disclosed investigations of the Bank Secret Act (BSA) and the AML Compliance Program.
TD Bank Group said it overhauled the US in a presentation released in December in relation to revenue calls. BSA/AML Program Leadership and talent have strengthened monitoring structures and accountability, introduced new standards for policy and risk assessment, strengthened processes and control, deployed the first phase of new data-driven technology solutions and an enhanced transaction monitoring platform.
The bank said it expects that most control corrective actions will be implemented by the end of 2025 and plans additional control measures in 2026.
Reported February 10 TD Bank sold 10.1% stake in the investment company Charles Schwab Reduce losses later Money laundering– Related scandals.
