- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-01-29T22:43:00
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), theGlobe 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.”
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TD Bank said it set aside $450 million to settle regulatory and law enforcement investigations, including by the Department of Justice, into its anti-money laundering and Bank Secrecy Act programs.
The Reserve Bank of India ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
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.
