Banking giant Toronto Dominion (TD) is preparing to pay nearly half a billion dollars in fines over an inadequate anti-money laundering (AML) program.
In an announcement, TD said it has set aside an initial provision of $450 million to pay the U.S. government for an AML program that was “insufficient to effectively monitor, detect, report and respond to suspicious activity.”
According to TD’s announcement, the bank is in ongoing discussions with three US regulators, plus the US Department of Justice (DOJ).
TD says it expects more monetary penalties and that the original provision does not reflect “the final aggregate amount of the potential monetary or non-monetary penalties, which are unknown and cannot be reliably estimated at this time.”
The bank now says it is working to address the issues within its AML program.
“Efforts are underway to address these shortcomings.
TD is a strong institution with the capital, liquidity and capacity to finance the critical efforts underway to strengthen its AML program, invest in the business and continue to serve its customers and clients with excellence.”
TD’s US arm, based in Wilmington, Delaware, has $367 billion in assets under management and is currently the tenth largest bank operating in the US.
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