Finance
TD Fined Record $6.7 Million Under Canada Money-Laundering Rules
- Bank says penalty is administrative and unrelated to US probes
- TD has disclosed initial provision of $450 million in US cases
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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.