A TD Bank branch is seen in Halifax on Thursday, March 30, 2017. TD Bank Group says it has taken a US$2.6 billion provision in its third-quarter results related to ongoing U.S. investigations into its anti-money laundering program. THE CANADIAN PRESS/Andrew Vaughan
TORONTO – TD Bank Group says it has taken a US$2.6 billion provision in its third-quarter results related to ongoing U.S. investigations into its anti-money laundering program.
The bank, set to release its third-quarter results Thursday, says it has taken the charge in anticipation of a global resolution of the civil and criminal investigations by the end of the year.
TD says the resolution will include both monetary and non-monetary penalties.
The bank also announced the sale of 40.5 million shares of The Charles Schwab Corp., worth about US$2.6 billion based on a closing price of US$64.57.
Chief executive Bharat Masrani says the bank recognizes the seriousness of the deficiencies in its anti-money laundering program.
He says the bank’s remediation efforts are well underway and it continues to work constructively with regulators and law enforcement towards a resolution.
This report by The Canadian Press was first published Aug. 21, 2024.
Companies in this story: (TSX:TD)
