- 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.
A privately held family company and its CEO, who announced a $10 billion bid to buy U.S. Steel without having the cash on hand, will pay $600,000 in penalties to the Securities and Exchange Commission for making materially false statements.
Seven public companies will pay a total of $3 million in fines for requiring employees to sign agreements containing provisions that impeded their ability to report misconduct to the Securities and Exchange Commission.
Clearview AI was fined 30.5 million euro (U.S. $33.8 million) by the Dutch Data Protection Authority (DPA) and ordered to stop collecting images of Dutch citizens in the latest enforcement action against the U.S. company.
