TD Bank says comprehensive overhaul of anti-money laundering program underway

- Canada's second-largest lender TD Bank said on Friday a comprehensive overhaul of its U.S. and global anti-money laundering program was well underway.

TD said it had already invested over C$500 million in program remediation and platform enhancements to address the issues. "Our efforts have resulted in tangible improvements, with more work ahead. We continue to cooperate closely with our regulators to accelerate our progress and meet our obligations," said CEO Bharat Masrani.The bank's response comes after The Wall Street Journal reported on Thursday that a U.S. Department of Justice probe into TD was focused on how Chinese drug traffickers and crime groups used the lender to launder their money from fentanyl sales.DJT Stock Falls.

TORONTO — Canada’s financial-crime watchdog has levied a $9.2-million penalty against The Toronto-Dominion Bank for non-compliance with money laundering and terrorist financing measures as the bank also faces compliance investigations in the U.S. The penalty by the Financial Transactions and Reports Analysis Centre of Canada, or Fintrac, comes after it imposed a $7.5-million fine against RBC and a $1.3-million fine against CIBC, both of which were announced in December.

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