Canada’s financial crimes regulator is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering (AML) controls.
The bank is facing a monetary penalty of more than 10 million Canadian dollars (U.S. $7.45 million) by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the Globe and Mail reported Friday.
When reached via email Monday, FINTRAC said it’s “prohibited from disclosing information on compliance actions that may or may not be ongoing or planned in relation to a specific business.”
In August, the bank disclosed it’s cooperating with investigations related to its Bank Secrecy Act/AML compliance program from multiple regulators, including the Department of Justice.
TD Bank did not respond to a request for comment.