TD Bank Group Could Face Steep Penalties in US Investigation
Toronto-Dominion Bank Expects Fines, Non-Monetary Penalties
Toronto-Dominion Bank (TD) has announced that it expects to pay fines and non-monetary penalties related to ongoing investigations by US authorities into its anti-money laundering practices. The bank has taken an initial provision of $450 million in connection with these probes and anticipates additional penalties.
Analyst Warns of Worst-Case Scenario
According to a banking analyst, TD could face a worst-case scenario in penalties if the investigations are linked to laundering illicit fentanyl profits. The analyst cited a recent report indicating that the bank's US subsidiaries are being investigated in connection with such activities.
Regulators Scrutinizing Compliance Practices
TD is one of three major Canadian banks under investigation by US regulators for potential weaknesses in their anti-money laundering compliance. The bank has set aside $450 million to cover potential penalties from one of these investigations.
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