The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) fined TD Bank nearly 9.2 million Canadian dollars (U.S. $6.7 million) for failing to comply with its anti-money laundering (AML) regulations.

TD Bank violated Part 1 of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act, FINTRAC announced in a press release Thursday. A FINTRAC spokesperson confirmed the penalty was the largest the regulator has ever imposed.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...