TD said that it has the “financial strength, stability, and operational flexibility to deliver the required US AML remediation program, continue to serve the financial needs of its more than ten million US customers, and invest to strengthen the business.”
“Money laundering is a serious global threat, and our US operation did not maintain an adequate AML program to thwart criminal activity. The Board has and continues to take action to address these failures and hold those responsible accountable. We have appointed new leaders across our US operations, overhauled our US AML team, and prioritized investments to drive the required changes,” said Alan MacGibbon, Chair of the Board, TD Bank Group. “Enhancing our program and meeting our obligations today and into the future is the number one priority of the Board and management.”
Among the requirements of the bank’s settlement with the Federal Reserve, TD must “establish a new office in the United States dedicated to remediating the deficiencies identified in the order” and “relocate to the United States the parts of its anti-money laundering compliance program that are responsible for complying with US law.”
What the regulators said:
The settlement of the charges against TD involved several regulators and authorities including the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, the Financial Crimes Enforcement Network (FinCEN), the Department of Justice and the United States Attorney’s Office for the District of New Jersey.
