Toronto Dominion Bank (TSE:TD) has released an update.
Toronto Dominion Bank has set aside US$450 million in anticipation of potential penalties arising from investigations into their compliance with the U.S. Bank Secrecy Act and anti-money laundering regulations. The bank is currently in ongoing discussions with U.S. regulators and the Department of Justice, acknowledging that their previous anti-money laundering efforts were inadequate but emphasizing ongoing improvement measures. While the exact penalties are not yet determined, TD Bank remains confident in its financial strength to address these challenges.
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