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Billion-Dollar Bank Prepares for $450,000,000 Fine From US Government for Failing To Effectively Detect, Report, and Respond to Suspicious Activity

Banking giant Toronto Dominion (TD) is preparing to pay nearly half a billion dollars in penalties over an inadequate anti-money laundering (AML) program.

In an announcement, TD says it has set aside an initial provision of $450 million to pay the US government over an AML program that was “insufficient to effectively monitor, detect, report, and respond to suspicious activity.”

According to the announcement from TD, the bank is in ongoing discussions with three US regulators, plus the U.S. Department of Justice (DOJ).

TD says it expects more monetary penalties and that the initial 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.”

The bank now says it’s working to address the issues within its AML program.

“Work has been underway to remedy these deficiencies.

TD is a strong institution with the capital, liquidity, and capacity to fund the critical effort currently underway to strengthen its AML program, invest in the business, and continue to serve its customers and clients with excellence.”

TD’s US arm, based in Wilmington, Delaware, has $367 billion in assets under management and is currently the 10th largest bank operating within the US.

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