FINTRAC fines TD Bank record $6.7M over AML program failings
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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