- 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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Canada’s anti-money laundering regulator fined Toronto-based real estate firm Jones Lang Lasalle $107,827 Canadian dollars (U.S. $77,632) for six violations of its anti-money laundering rules, after discovering gaps in recordkeeping and reporting requirements for know your customer rules.
TD Bank will pay nearly $3.1 billion in penalties to four U.S. regulators to settle charges that it “chose profits over compliance” when it allowed three money laundering networks to filter more than $670 million in dirty money through the company.
TD Bank has been ordered to pay $27.7 million and implement compliance measures, for providing inaccurate, negative credit information to credit agencies about tens of thousands of its customers and taking too long to fix the errors, the Consumer Financial Protection Bureau said.
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
Kiromic BioPharma will pay no fine to the Securities and Exchange Commission after self-reporting that it failed to disclose material information about two cancer drugs to investors.
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
