TD Bank says comprehensive overhaul of anti-money laundering program underway

Written by Amanda

(Reuters) – Canada’s second-largest lender TD Bank said on Friday a comprehensive overhaul of its U.S. and global anti-money laundering (AML) program was well underway.

The bank has been subject to regulatory probes over its AML compliance program both in Canada and the United States.

TD said it had already invested over C$500 million ($365.4 million) in program remediation and platform enhancements to address the issues.

The bank has hired AML professionals and made significant investments in technology to improve its AML compliance.

“Our efforts have resulted in tangible improvements, with more work ahead. We continue to cooperate closely with our regulators to accelerate our progress and meet our obligations,” said CEO Bharat Masrani.


The bank’s response comes after The Wall Street Journal reported on Thursday that a U.S. Department of Justice probe into TD was focused on how Chinese drug traffickers and crime groups used the lender to launder their money from fentanyl sales.

Shares of the bank slumped 5.8% on Friday, hitting their lowest level in over three years.

($1 = 1.3684 Canadian dollars)

(This story has been refiled to remove an extraneous word in paragraph 2)

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Alan Barona)

Source: ca.finance.yahoo.com

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