- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-05-03T16:45:00
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.
On Tuesday, the bank said it set aside $450 million to settle separate allegations in the United States related to AML and Bank Secrecy Act program failures.
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TD Bank Chief Risk Officer Ajai Bambawale said “procedural weaknesses” in the institution’s U.S. anti-money laundering program allowed bad actors to exploit its network.
Canadian lawmakers will come together to discuss TD Bank’s reported failure to prevent drug traffickers from laundering proceeds of fentanyl sales on its platform.
The Financial Transactions and Reports Analysis Centre of Canada imposed a penalty of approximately CAD$6 million (U.S. $4.4 million) against crypto platform Binance over alleged noncompliance with the country’s anti-money laundering/countering the financing of terrorism law.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
