TD Bank discloses liabilities over AML probes in U.S. balloon to $2.6B
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.
Related articles
-
News BriefRegs name TD Bank’s compliance monitor; so far, bank has spent $138M improving AML program
TD Bank leadership called its response to anti-money laundering program lapses its “top priority” as federal regulators named their choice of a compliance monitor to oversee a top-to-bottom rebuild of its AML program.
-
PremiumUnderfunding of BSA/AML compliance made TD Bank an unwitting partner to cross-border crime
Law enforcement officials stumbled on TD Bank’s role in money laundering while investigating a Mexican drug cartel. They found that the bank’s corporate culture considered compliance, particularly BSA/AML compliance, a low priority. As they dug deeper, authorities discovered that multiple money laundering schemes had infiltrated the bank’s network.
-
PremiumTD Bank fined nearly $3.1B by U.S. regulators for AML compliance failures
TD Bank will pay nearly $3.1 billion in penalties to four U.S. regulators to settle charges that it “chose profits over compliance” when it allowed three money laundering networks to filter more than $670 million in dirty money through the company.
More from Regulatory Enforcement
-
ArticleFlorida seafood exec faces 10 years for crab claw price fixing
A Florida seafood company executive has pleaded guilty to conspiring with competitors to fix the prices he paid to local fishers, an effort that impacted more than $8 million in wholesale fish and cut the pay of hundreds of fishers, the Department of Justice said.
-
ArticleFormer U.S. clothing business CEO faces 25 years for bribery in Honduras
The former CEO of a Georgia clothing business faces 25 years in prison for bribing Honduran officials to win $10 million in uniform contracts in Honduras, after being caught up in a Department of Justice Anticorruption Task Force.
-
News BriefDOJ sues Uber over alleged discrimination against disabled riders
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.