- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-01-29T22:43:00
Canada’s financial crimes regulator is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering (AML) controls.
The bank is facing a monetary penalty of more than 10 million Canadian dollars (U.S. $7.45 million) by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), theGlobe and Mail reported Friday.
When reached via email Monday, FINTRAC said it’s “prohibited from disclosing information on compliance actions that may or may not be ongoing or planned in relation to a specific business.”
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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 Reserve Bank of India ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
