TD eases plans for U.S. growth amid anti-money laundering probe

Toronto-Dominion Bank is adjusting its growth strategy in the U.S., easing back on its plan to accelerate branch openings as the lender assesses the extent of the blow from the U.S. probe into its anti-money laundering procedures.

“It doesn’t mean that medium to long-term the stores won’t be important, but I do think that in the immediate short term, the focus is going to be in those two fundamental areas,” Mr. Salom said. He added that TD is also renovating its existing branches in the U.S., enhancing its ATM network and boosting its digital merchandising program.

The bank set aside US$450-million in provisions to cover penalties from the probe. Discussions with the regulators are ongoing and the bank expects further penalties, but the extent and timing of those are unknown. TD has said that it is unable to disclose details about the failings in its anti-money laundering practices and the extent of regulatory repercussions; however, following the revelations of the drug-trafficking case, the bank said that it did not effectively monitor, detect, report or respond to anti-money laundering activity, and that some employees broke the lender’s code of conduct.

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