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TD Bank fined  billion: What customers should know

TD Bank fined $3 billion: What customers should know

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TD Bank will pay more than $3 billion in penalties after admitting it failed to adequately protect itself against money laundering and violated the Bank Secrecy Act, federal authorities said Thursday.

According to the Justice Department, the bank's anti-money laundering policies were marked by “long-standing, pervasive and systemic deficiencies” spanning nearly a decade and dating back to 2014. TD Bank, the 10th largest bank in the US, has repeatedly said that the US Department of Justice said the company failed to take corrective action despite warnings from government regulators and its own auditors about suspicious transactions.

Is my money safe at TD Bank?

In response to the penalties, TD Bank announced plans to restructure its balance sheet in the coming fiscal year.

“We view 2025 as a transition year,” Leo Salom, head of TD’s U.S. business, said during a call with analysts, Reuters reported. “We will use the year to take significant steps to create asset capacity and comply with the asset cap.”

The bank emphasized that its customers would not be affected by the penalties. “There are no repercussions for you. We remain focused on supporting your needs,” TD Bank said in a statement on its website.

“TD is a strong and stable institution,” the statement continued. “We have taken full responsibility for the failures in our U.S. AML program and held those responsible accountable. We have already taken important steps to rebuild our AML program and there is still much work ahead of us.”

TD Bank serves nearly 28 million customers worldwide.

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