Toronto Dominion (TD), a major bank, is preparing to pay a hefty fine of $450 million to the US government. The penalty stems from an inadequate anti-money laundering (AML) program that failed to effectively detect, report, and respond to suspicious activity.
TD has set aside an initial provision of $450 million to cover the fine. However, the bank expects additional penalties and the final amount is still unknown.
The bank is working to address the deficiencies in its AML program. “Work has been underway to remedy these deficiencies,” TD said. “TD is a strong institution with the resources to strengthen its AML program and continue serving its customers.”
TD’s US arm, based in Wilmington, Delaware, has $367 billion in assets under management and is one of the largest banks operating in the US.
