News

The Federal Reserve has ordered TD Bank to shell out nearly $124 million and relocate anti-money laundering staff to the U.S. after joining other regulators in accusing the lender, Canada's largest by assets, of "willfully" violating the Bank Secrecy Act for more than a decade. In a 99-page consent order, the Financial Crimes Enforcement Network, also known as FinCEN, meanwhile found that from 2012 until May of this year, TD Bank's U.S. subsidiaries made themselves vulnerable to criminal schemes, at least two of which involved the Toronto-headquartered lender's own employees, by failing to keep their AML and transaction-monitoring programs up...