Toronto-Dominion Bank is booking a provision of US$450-million stemming from a lengthy probe by U.S. regulatory and law enforcement that derailed the bank’s takeover of Tennessee-based First Horizon Corp. last spring.
Last year, TD said that it anticipated fines or other penalties stemming from probes by regulators and law-enforcement agencies, including the U.S. Department of Justice, related to its anti-money-laundering practices. This provision – which the bank said relates to penalties by one regulator – is the first indication Canada’s second-largest lender has provided on the impact of the investigation.
. The provision – money that the bank is setting aside – does not reflect the final amount of the potential monetary penalties or any non-monetary penalties. TD said in a press release that the extent of the penalties are “unknown and not reliably estimable at this time.”
Source: Law Daily Report (lawdailyreport.net)
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