TD Bank has reached a resolution of investigations related to its US Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programmes.
TD Bank has been ordered to pay £3.05bn for its failings.
Go deeper with GlobalData
TD Bank operated with poor guards against money laundering for nearly ten years and failed to act even when staff flagged obvious cases of abuse. An example of this abuse included a customer making daily deposits of $1m in cash.
The bank is now facing restrictions on its growth in the US. There has since been an overhaul of the AML programme leadership.
This is the biggest fine ever under anti-monetary laundering law
Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group, commented: “We have taken full responsibility for the failures of our US AML programme and are making the investments, changes and enhancements required to deliver on our commitments. This is a difficult chapter in our Bank’s history. These failures took place on my watch as CEO and I apologise to all our stakeholders. I want to thank our colleagues, who continue to demonstrate their dedication and who play an important role in preventing criminal activity.”
Leo Salom, President and Chief Executive Officer, TD Bank, America’s Most Convenient Bank, said: “Criminals were able to exploit our systems and our US AML programme did not deliver. We continue to work with purpose, focus and urgency to remediate our AML programme and earn back the trust of our regulators and other stakeholders. We are committed to working productively with the Monitorship to build a sustainable AML programme and meet our obligations under the terms of the resolution. Our US operation is strong, and we will continue to serve the needs of the 10 million households and businesses in the US who rely on us for their financial goals.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
