A TD Bank branch is seen in Halifax on Thursday, March 30, 2017. THE CANADIAN PRESS/Andrew Vaughan
TORONTO – TD Bank Group says it has taken an initial provision of US$450 million in connection to the ongoing U.S. regulatory inquiry into its anti-money laundering compliance program.
The bank says its discussions with three U.S. regulators and the Department of Justice are ongoing, and it anticipates additional monetary penalties.
Last August, the bank revealed that it expected U.S. regulators to impose penalties related to the program.
TD says its program was “insufficient to effectively monitor, detect, report, and respond to suspicious activity.”
The bank says work is underway to remedy these deficiencies.
At TD’s annual general meeting mid-April, the bank’s chief executive acknowledged that the investigation has weighed on its share price.
This report by The Canadian Press was first published April 30, 2024.
Companies in this story: (TSX:TD)
