- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-08-28T17:36:00
TD Bank disclosed in a shareholder report Thursday it is facing regulatory investigations regarding its Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program.
The bank said it is cooperating with the probes, which at least include the Department of Justice, and is pursuing efforts to enhance its BSA/AML compliance program. It did not identify any other agencies involved in the investigations.
“While the ultimate outcomes of these inquiries and investigations are unknown at this time, the bank anticipates monetary and/or nonmonetary penalties to be imposed,” the report stated.
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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.
The American branch of South Korea-based Shinhan Bank agreed to pay $25 million across settlements with three separate regulators for admitted violations of the Bank Secrecy Act and anti-money laundering requirements.
The Financial Crimes Enforcement Network issued a notice to financial institutions regarding its observations of increasing payroll tax evasion and workers’ compensation fraud taking place in the U.S. residential and commercial real estate construction industries.
A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.
A pharmaceutical company and its chief executive have agreed to pay $47 million to settle allegations first brought by whistleblowers, that the company paid kickbacks and filed false claims, the Department of Justice said.
Meta, the parent company of Facebook, has been fined nearly 798 million euros (U.S. $841 million) by the European Commission to resolve the agency’s long-running investigation into alleged “abusive practices” by Facebook Marketplace.
