TD Bank Pleads Guilty To Violations Of Bank Secrecy Act And Money Laundering, Will Pay $3.09B In Fines; US Regulators Impose Asset Cap And Restrict New Branches Or Services Until Compliance Issues Are Resolved; DOJ And OCC Cite Long-Term, Systemic Deficiencies In Anti-Money Laundering Efforts
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TD Bank has pleaded guilty to violations of the Bank Secrecy Act and money laundering, resulting in a $3 billion fine. US regulators have imposed an asset cap and restricted the bank from opening new branches or services until compliance issues are resolved. The DOJ and OCC have cited long-term, systemic deficiencies in TD Bank's anti-money laundering efforts.
October 10, 2024 | 5:03 pm
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TD Bank has been fined $3 billion for violations of the Bank Secrecy Act and money laundering. US regulators have imposed an asset cap and restricted the bank from opening new branches or services until compliance issues are resolved.
The $3 billion fine and regulatory restrictions are significant financial and operational setbacks for TD Bank. The asset cap and restrictions on new branches or services could limit growth and affect investor confidence in the short term.
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