TD takes US$450M provision related to anti-money laundering inquiry

TD Bank Group says it has taken an initial provision of US$450 million in connection to the ongoing U.S. regulatory inquiry into its anti-money laundering compliance program.

The bank says its discussions with three U.S. regulators and the Department of Justice are ongoing, and it anticipates additional monetary penalties.

Last August, the bank revealed that it expected U.S. regulators to impose penalties related to the program.

TD says its program was “insufficient to effectively monitor, detect, report, and respond to suspicious activity.”

The bank says work is underway to remedy these deficiencies.

At TD’s annual general meeting mid-April, the bank’s chief executive acknowledged that the investigation has weighed on its share price.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.