TD Hit With C$9.2 Million Penalty Under Canada Money-Laundering Regime; Regulator Finds TD Bank Failed To Submit Suspicious Transaction Reports, Assess And Document Financing Risks, Other Failings
Portfolio Pulse from Benzinga Newsdesk
TD Bank has been fined C$9.2 million by Canadian regulators for failing to comply with the country's money-laundering laws. The bank did not submit suspicious transaction reports, properly assess and document financing risks, among other failings.
May 02, 2024 | 3:05 pm
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TD Bank has been penalized C$9.2 million for breaches in money-laundering prevention protocols, including failure in reporting and risk assessment.
The fine imposed on TD Bank for failing to comply with money-laundering laws directly impacts its financial standing and could potentially harm its reputation among investors and customers. This negative publicity and the financial penalty may lead to a short-term decrease in stock price due to concerns over governance and operational risks.
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