Finance
TD to Face US Growth Limits, $3 Billion Penalty for Money-Laundering Failures, WSJ Says
- Canada’s second-largest bank may see US retail unit curbed
- CEO Masrani has taken responsibility for money-laundering gaps
Pedestrians pass in front of a TD Bank branch in New York.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Toronto-Dominion Bank will pay about $3 billion in penalties and face restrictions on its US growth in a settlement with regulators over its failure to catch money laundering, the Wall Street Journal reported.
Regulators are likely to announce a settlement with the Canadian bank on Thursday, though that timing may change, a person familiar with the matter told Bloomberg, asking not to be named discussing confidential information. The bank said it plans to hold a conference call and will confirm the time later.