Toronto-Dominion Bank was fined a record C$9.19 million ($6.7 million) for five violations of Canada’s anti-money-laundering and terrorist-financing laws.
Author of the article:
Bloomberg News
Christine Dobby
Published May 02, 2024 • 1 minute read
(Bloomberg) — Toronto-Dominion Bank was fined a record C$9.19 million ($6.7 million) for five violations of Canada’s anti-money-laundering and terrorist-financing laws.
The Financial Transactions and Reports Analysis Centre of Canada announced the penalty Thursday, saying it conducted a compliance examination last year and imposed the fine on April 9. Along with other violations, Toronto-Dominion failed to submit suspicious-transaction reports in cases where it was reasonable to suspect the transfers were tied to money laundering or terrorist financing, along with other violations, the agency said in a statement.
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Canada’s second-largest lender said the penalty is administrative and unrelated to ongoing probes it faces in the US over its handling of suspicious customer transactions. The bank said earlier this week that it’s set aside an initial $450 million in relation to one of three regulatory investigations in the US and noted the Department of Justice is also still investigating. Toronto-Dominion could face additional monetary and other penalties, it said.
Read More: TD Takes $450 Million Provision in US Money-Laundering Probe
“As part of their regular review of Canadian financial entities, Fintrac identified five specific administrative findings that require our attention,” Toronto-Dominion spokesperson Lisa Hodgins said in an emailed statement. “Improvements have been made and more are underway.”
Fintrac’s review period covered March 1, 2022 to March 31, 2023, she said.
The penalty comes after Fintrac levied similar fines against Royal Bank of Canada and Canadian Imperial Bank of Commerce late last year. Royal Bank was fined C$7.48 million and CIBC faced a C$1.33 million penalty.
“This is the biggest administrative monetary penalty by far that Fintrac has levied,” an agency spokesperson said by email. Fintrac declined to provide additional information beyond what’s found in its public notices.
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