Multi-billion dollar bank preparing for $450 million fine from U.S. government for failing to effectively detect, report and respond to suspicious activity

Banking giant Toronto-Dominion (TD) is preparing to pay a nearly $500 million fine over deficiencies in its anti-money laundering (AML) program.

In its announcement, TD said it would set aside $450 million in initial reserves to pay the U.S. government over AML programs that were “insufficient to effectively monitor, detect, report, and respond to suspicious activity.” He said it was secured.

According to a statement from TD, the bank is in ongoing discussions with three U.S. regulators and the U.S. Department of Justice (DOJ).

TD said additional fines were expected and the original provisions “do not reflect the ultimate total amount of potential monetary and non-monetary penalties, which are currently unknown and cannot be estimated with certainty.” said.

The bank says it is currently working to address issues within its AML program.

“Work is underway to correct these deficiencies.

TD is a strong company with the capital, liquidity, and ability to strengthen its AML program, invest in its business, and fund the important efforts currently underway to continue to provide superior service to its customers and clients. It's an institution. ”

TD's U.S. division, based in Wilmington, Delaware, manages $367 billion in assets and is currently the 10th largest bank operating in the United States.

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