TD Bank faces penalty for faulty controls to prevent money laundering - The Globe and Mail

27/01/2024

A person walks past a sign for TD Canada Trust in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo

(Reuters) – Canada’s TD Bank is facing a significant monetary penalty from the financial-crimes watchdog after an examination found the lender allegedly had faulty anti-money laundering controls, the Globe and Mail reported on Friday.

The Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) completed an assessment of TD Bank in late 2023 and deemed its anti-money laundering compliance to be unsatisfactory, the report said, citing five people familiar with the matter.

TD Bank did not immediately respond to a Reuters request for comment.

FinTRAC said it cannot disclose information on compliance actions that may or may not be ongoing or planned in relation to a specific business.

(Reporting by Arasu Kannagi Basil in Bengaluru and Nivedita Balu in Toronto; Editing by Shilpi Majumdar)

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