- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-08-26T18:17:00
TD Bank has set aside $2.6 billion to settle allegations made by U.S. regulators that deficiencies in its anti-money laundering (AML) program allowed fentanyl traffickers to launder money on its platform.
TD Bank said Thursday in a press release that its third quarter results will “include the impact of the US $2,600 million provision for investigations related to the Bank’s anti-money laundering program, which, together with the provision taken last quarter in connection with this matter, reflects the Bank’s current estimate of the total fines related to this matter.”
The bank also announced Wednesday in a separate statement on the AML matter that it had sold about two percent of its shares in the Charles Schwab Corp. The bank suffered quarterly losses for the first time in two decades, Reuters reported on Thursday.
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TD Bank Chief Risk Officer Ajai Bambawale said “procedural weaknesses” in the institution’s U.S. anti-money laundering program allowed bad actors to exploit its network.
The Financial Transactions and Reports Analysis Centre of Canada fined TD Bank nearly CAD$9.2 million (U.S. $6.7 million) for failing to comply with its anti-money laundering regulations.
TD Bank said it set aside $450 million to settle regulatory and law enforcement investigations, including by the Department of Justice, into its anti-money laundering and Bank Secrecy Act programs.
Los Angeles will pay more than $38 million to resolve allegations, first brought by two whistleblower, that for a decade the city knowingly shut people with disabilities out of affordable housing created through federal funds, the Department of Justice (DOJ) said.
Investment adviser Sound Point Capital Management will pay a $1.8 million fine to the Securities and Exchange Commission for failing to have written compliance procedures on handling material nonpublic information.
The Dutch Data Protection Authority fined Uber 290 million euros (U.S. $323.7 million) for illegally transferring data on European drivers to American servers and failing to appropriately safeguard the transfers.
