TD Bank expecting punishment in BSA/AML probes
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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefTD Bank reserves $450M for BSA/AML enforcements
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.
-
News BriefShinhan Bank America fined $25M for repeat AML compliance failures
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.
-
News BriefFinCEN alerts banks to payroll tax, workers’ compensation schemes
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.
More from Regulatory Enforcement
-
ArticleCompanies unprepared for European Accessibility Act as June deadline looms
An accessible website should be a basic requirement for businesses, allowing the largest number of people to access a company’s content and services. With technology as an enabler, it also makes good business sense. After all, why would any organization want to hinder customer access? However, many websites are not ...
-
Basic PageFTC case against insulin price gouging halted after commissioners fired by Trump
A Federal Trade Commission case against insulin price gouging has come to a screeching halt after two Democratic commissioners were fired by President Donald Trump.
-
News BriefFRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.