TD Bank hit with $9.2M fine over failing to report suspicious transactions – National | Globalnews.ca

Canada’s financial intelligence agency says it has imposed a $9.2 million fine against Toronto-Dominion Bank for non-compliance with money laundering and terrorist financing measures as the bank also faces a compliance investigation in the US.

The fine by the Financial Transactions and Reports Analysis Center of Canada follows a $7.5 million fine against RBC and a $1.3 million fine against CIBC announced in December.

known as agency fintracksays it imposed fines against TD for a number of failings, including not submitting suspicious transaction reports when there were reasonable grounds for doing so, not assessing and documenting the risks of money laundering/terrorist activity financing and failing to comply with the Bank’s Involves not taking specific steps as prescribed. High risk measures.

The fine against TD comes just days after the bank disclosed that it had taken an initial provision of US$450 million in connection with an ongoing US regulatory investigation into its anti-money laundering compliance program.

The bank said its discussions with three US regulators and the Justice Department are ongoing, and it anticipates additional monetary penalties.

TD said its program is “inadequate to effectively monitor, detect, report and respond to suspicious activity” and work is underway to address the shortcomings.

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