BalkansCat/iStock Editorial via Getty Images
The financial-crimes watchdog in Canada is mulling hitting TD Bank (NYSE:TD) with a more than C$10M (US$7.43M) fine, accusing the lender of unsatisfactory anti-money-laundering controls, according to a media report dated Friday.
After as assessment in late 2023, the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) noticed TD’s (TD) faulty controls to prevent money laundering, The Globe and Mail reported, citing five unidentified people familiar with the matter.
The regulator’s preliminary findings have been shared with TD (TD) and a final report about compliance deficiencies is being prepared.
The bank is making improvements to its anti-money-laundering process, it told the newspaper, without commenting specifically about the matter.
The Wall Street Journal reported in May that the termination of TD’s (TD) planned $13.4B acquisition of First Horizon (FHN) earlier this year may have been caused by concerns over anti-money-laundering practices. In August, it said in a quarterly letter to shareholders that it’s cooperating with a U.S. Justice Department inquiry into the Bank Secrecy Act/anti-money laundering compliance program.
Image and article originally from seekingalpha.com. Read the original article here.