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TD Bank Anticipates Fines and Penalties in U.S. Anti-Money Laundering Inquiry

Money LaunderingTD Bank Anticipates Fines and Penalties in U.S. Anti-Money Laundering Inquiry

TD Bank Group (TD.TO) announced that it foresees fines and “non-monetary” penalties connected to inquiries by U.S. authorities regarding its anti-money laundering compliance efforts. Canada’s second-largest lender, TD, disclosed this information in its quarterly earnings report. The bank is actively cooperating with U.S. authorities, including the U.S. Department of Justice, in relation to these investigations.

While the specific outcomes of these inquiries are uncertain, TD expects to face monetary and/or non-monetary penalties. TD CEO Bharat Masrani declined to comment on potential fines during a post-earnings conference call but emphasized the bank’s efforts to enhance its U.S. AML compliance program.

Earlier this year, TD abandoned its planned $13.4 billion acquisition of U.S. regional lender First Horizon, a move applauded by investors amid the U.S. regional banking crisis. TD incurred costs from this decision, including a termination fee and a loss from its investment in First Horizon.

Analysts anticipate that addressing these regulatory issues could lead to higher capital costs and increased investment spending for TD. Despite the challenges, some analysts believe TD’s solid capital position would allow it to manage any fines. The U.S. Department of Justice did not immediately respond to requests for comments.

Following the release of disappointing third-quarter profit results, TD’s stock decreased by 3% on Thursday.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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