close
close

Latest Post

Ben Affleck bonds with ex-wife Jennifer Garner on Thanksgiving while Jennifer Lopez goes through divorce: ‘He’s very happy’ “You could hear the bang, bang, bang,” witnesses recall of their experiences during the Park Plaza Mall shooting

TD Bank is reportedly working to select compliance monitors to track its progress on risks and controls and report to regulators, as ordered by the U.S. government in October.

As the bank works through this process, U.S. CEO Leo Salom told employees during a town hall meeting this month that TD Bank is committed to improving its anti-money laundering (AML) and risk controls, that this is its top priority and that it has the necessary measures to allocate resources to this end, Reuters reported on Monday (November 25), citing unnamed sources.

When contacted by PYMNTS, a TD Bank spokesperson referred to the bank’s Oct. 10 resolution announcement confirming that its AML remediation efforts will include a monitor and said the bank has no further updates at this time.

According to the Reuters report, the bank has spent $500 million this year to improve its compliance programs, add training programs and hire several key executives.

U.S. regulators and authorities said on Oct. 10 that TD Bank Group and certain of its U.S. subsidiaries have agreed to orders and entered into settlements related to previously disclosed investigations into their U.S. Bank Secrecy Act (BSA) and compliance programs Anti-money laundering (AML) measures.

On that day, the Justice Department announced that TD Bank NA (TBNA) and its parent company TD Bank US Holding Co. (TDBUSH) had completed the Justice Department’s investigation by pleading guilty and agreeing to face penalties of over to pay $1.8 billion; The Office of the Comptroller of the Currency (OCC) announced a cease-and-desist order and a $450 million civil penalty against TBNA and TD Bank USA, a restriction on the bank’s growth and requirements to correct the deficiencies in a timely manner; and the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said it has imposed a $1.3 billion penalty against TBNA and TD Bank USA, NA

Alan MacGibbon, chief executive of TD Bank Group, said at the time that the bank’s U.S. operations did not maintain an adequate AML program: “The board has taken and will continue to take action to address these failures and hold those responsible accountable.”

On Friday (November 22), TD Bank Group announced two more changes to its leadership team, naming its senior vice president, controller and chief accountant Michelle Myers as global chief auditor and its U.S. deputy chief auditor Keith Lam as global chief auditor, effective December 9 acting US chief auditor appointed.

Leave a Reply

Your email address will not be published. Required fields are marked *