TD Bank has reached a resolution of investigations related to its US Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programmes.

TD Bank has been ordered to pay ￡3.05bn for its failings.

TD Bank operated with poor guards against money laundering for nearly ten years and failed to act even when staff flagged obvious cases of abuse. An example of this abuse included a customer making daily deposits of $1m in cash.

The bank is now facing restrictions on its growth in the US. There has since been an overhaul of the AML programme leadership.

This is the biggest fine ever under anti-monetary laundering law

Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group, commented: "We have taken full responsibility for the failures of our US AML programme and are making the investments, changes and enhancements required to deliver on our commitments. This is a difficult chapter in our Bank's history. These failures took place on my watch as CEO and I apologise to all our stakeholders. I want to thank our colleagues, who continue to demonstrate their dedication and who play an important role in preventing criminal activity."

Leo Salom, President and Chief Executive Officer, TD Bank, America's Most Convenient Bank, said: "Criminals were able to exploit our systems and our US AML programme did not deliver. We continue to work with purpose, focus and urgency to remediate our AML programme and earn back the trust of our regulators and other stakeholders. We are committed to working productively with the Monitorship to build a sustainable AML programme and meet our obligations under the terms of the resolution. Our US operation is strong, and we will continue to serve the needs of the 10 million households and businesses in the US who rely on us for their financial goals."

"TD Bank fined $3.05bn for AML failings" was originally created and published by Retail Banker International, a GlobalData owned brand.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.