TD Bank to take $450-million provision in relation to U.S. probe
Toronto-Dominion Bank is booking an initial US$450-million provision in connection with an ongoing probe into violations of U.S. banking regulations, including anti-money laundering rules, the bank said Tuesday.
“This provision does not reflect the final aggregate amount of potential monetary penalties or any non-monetary penalties, which are unknown and not reliably estimable at this time,” TD said in a press release on Tuesday, noting that it expects additional monetary penalties to be levied.
The bank said the specific provision was tied to discussions with one of three U.S. regulators with which it is engaged on the matter. It is also in ongoing talks with the U.S. Department of Justice.
“TD’s AML program was insufficient to effectively monitor, detect, report, and respond to suspicious activity,” TD acknowledged in the release. “Work has been underway to remedy these deficiencies.”
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