TD Bank reserves $450M for BSA/AML enforcements
By 
Aaron Nicodemus2024-05-01T17:34:00
TD Bank said it set aside $450 million to settle regulatory and law enforcement investigations into its anti-money laundering (AML) and Bank Secrecy Act (BSA) programs.
The bank, which previously disclosed the existence of the investigations by the Department of Justice (DOJ) and other U.S. regulators, said in a press release Tuesday it is negotiating the size of the penalty.
“The bank’s regulatory and law enforcement discussions with three U.S. regulators … and the Department of Justice are ongoing. The bank anticipates additional monetary penalties,” it said. “This provision does not reflect the final aggregate amount of potential monetary penalties or any nonmonetary penalties, which are unknown and not reliably estimable at this time.”
Related articles
-
News BriefCFPB orders TD Bank to pay $28M for sending false info to credit agencies
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.
-
News BriefTD Bank discloses liabilities over AML probes in U.S. balloon to $2.6B
TD Bank has set aside $2.6 billion to settle allegations made by U.S. regulators that deficiencies in its anti-money laundering program allowed fentanyl traffickers to launder money on its platform.
-
News BriefFinCEN BSA data: Fraud, money laundering top suspicious activities
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
More from Regulatory Enforcement
-
News BriefCFPB ends probe into Meta’s financial advertising practices
Meta says it is no longer under investigation by the U.S. Consumer Financial Protection Bureau (CFPB), the latest instance of the agency scaling back enforcement under President Donald Trump.
-
News BriefTexas sues Johnson & Johnson, Kenvue over alleged misleading marketing of Tylenol
Texas Attorney General Ken Paxton sued two pharmaceutical companies for ”deceptively marketing Tylenol to pregnant mothers” despite risks linked to autism. The filing came two days before HHS Secretary Robert F. Kennedy Jr. appeared to walk back the claims.
-
News BriefCFPB scraps bad-actor registry, citing cost-benefit issues
The Consumer Financial Protection Bureau shut down a registry of non-bank financial firms that broke consumer laws. The agency cites the costs being ”not justified by the speculative and unquantified benefits to consumers.”