Questionable transactions: TD Bank fined $9.2 million

 

The Financial Intelligence Agency fined TD Bank $9.2 million for money laundering, terrorist financing and failure to report suspicious transactions. The fine was imposed by the Financial Transactions and Reports Analysis Center of Canada (Fintrac). Last year, FINTRAC fined RBC $7.5 million and CIBC $1.3 million. During the review between March 1, 2022 and March 31, 2023, TD Bank was fined for five violations.

The fine against TD comes days after the bank revealed it had set aside $450 million in connection with an ongoing US regulatory investigation into its anti-money laundering compliance program.

Meanwhile, TD Bank reported that its program to effectively monitor, detect and report unauthorized activity is not adequate and that work is underway to address deficiencies.