TD Bank Faces Regulatory Scrutiny Over Compliance Failures

Toronto Dominion Bank (TSE:TD) has released an update.

Toronto Dominion Bank (TD Bank) has been subject to a Consent Order by the Office of the Comptroller of the Currency (OCC) for failing to maintain an adequate Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program, which led to significant lapses in monitoring suspicious transactions and currency reporting. The bank has begun corrective actions and must now make substantial investments to remediate and strengthen its BSA/AML compliance measures. The order highlights systemic issues within the bank’s transaction monitoring and customer due diligence processes, necessitating a comprehensive action plan to address and rectify the identified deficiencies.

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