TD addresses reports about its AML programme image credit: shutterstock

TD has responded to media reports suggesting that it could face a higher fine than previously forecast. Moreover, analysts suggest that regulatory action may impact its long-term financial performance.

Earlier this week, TD announced that it had taken an initial provision of $450m in connection with discussions with one of its US regulators. The issue relates to previously disclosed regulatory and law enforcement investigations of TD’s US Bank Secrecy Act/anti-money laundering programme.

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“Criminals relentlessly target financial institutions to launder money. TD has a responsibility and an obligation to thwart their illegal activity,” said Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group.

“I regret that there were serious instances where the bank’s AML program fell short and did not effectively monitor, detect, report or respond. This is unacceptable and not in line with our values. As we have previously said, these matters are not in any way related to TD’s good faith dealings with our customers.”

TD programme remediation, platform enhancements

  • Hired recognised AML executives with proven leadership from across the private and public sectors.
  • Onboarded hundreds of new AML professionals, with deep expertise in programme design, oversight, and execution.
  • Deployed new enterprise-wide training and onboarding programs to improve program performance and consistency.
  • Made significant investments in new technology, processes, and controls to enhance oversight across the enterprise. These have resulted in heightened account monitoring and mandatory reviews, accelerated escalations and new activity prohibitions.

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