TD Bank disclosed in a shareholder report Thursday it is facing regulatory investigations regarding its Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program.

The bank said it is cooperating with the probes, which at least include the Department of Justice, and is pursuing efforts to enhance its BSA/AML compliance program. It did not identify any other agencies involved in the investigations.

“While the ultimate outcomes of these inquiries and investigations are unknown at this time, the bank anticipates monetary and/or nonmonetary penalties to be imposed,” the report stated.

TD Bank said it has responded to formal and informal inquires “both generally and in connection with specific clients, counterparties, or incidents in the U.S.” The report did not elaborate further.

Jeff Dale is the Digital Editor of Compliance Week. He previously worked as a copy editor with the Boston Herald and Patriot Ledger in Quincy, Mass., and is a former city editor of The Hour Publishing Co. in Norwalk, Conn.View full Profile

More from Jeff Dale

Topics