EddieJayonCrypto
13 May 24
Banking giant Toronto Dominion (TD) is preparing to pay nearly half a billion dollars in penalties over an inadequate anti-money laundering (AML) program. TD has set aside an initial provision of $450 million to pay the US government over the insufficient AML program. The bank is in ongoing discussi...
Banking giant Toronto Dominion (TD) is facing significant penalties for its inadequate anti-money laundering (AML) program. TD has set aside $450 million to pay the US government and is in ongoing discussions with three US regulators and the US Department of Justice regarding the AML program.
The bank anticipates additional penalties and emphasizes that the initial provision does not represent the final aggregate amount. TD is actively working to rectify the deficiencies in its AML program and asserts its capacity to fund this effort.
TD's US arm, located in Wilmington, Delaware, manages $367 billion in assets and ranks as the 10th largest bank operating within the US.
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