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唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
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陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
武汉中南财经政法大学信息安全学院教授。长期专注于反洗钱/反恐...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
张平
张平
工作履历:曾在国家审计署从事审计工作,是国家第一批政府审计师;曾在...
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上传时间: 2024-04-21      浏览次数:169次
TD shareholders kept waiting for news on anti-money laundering probe

 

https://financialpost.com/fp-finance/banking/td-shareholders-waiting-news-anti-money-laundering-probe

 

TORONTO — TD Bank chief executive Bharat Masrani says he hopes to be able to say more soon on the investigation into the bank’s anti-money laundering measures.

 

Masrani made the remarks as he faced shareholders Thursday at the bank’s annual general meeting, the first since its US$13.4-billion takeover of First Horizon bank fell apart and the bank disclosed that it expects to face penalties from an investigation from U.S. regulators related to its anti-money-laundering program.

 

Regretfully, our program was not where it needed to be,” said Masrani. “We know where our issues are, we are working to fix them.”

 

He said that he understands shareholders want to know more about the investigation, which includes the U.S. Department of Justice, but that given confidentiality requirements he can’t provide more detail or speculate on the timing of updates.

 

I’m hoping that in the near term, I will be able to, and I’d be really thrilled that at that time, you know, I could provide more detail,” said Masrani.

 

But in the meantime, I would ask you to be patient.”

 

TD called off the First Horizon deal in May last year, citing timing uncertainty, while in August it disclosed that it expects U.S. regulators to impose penalties.

 

Masrani was also pressed Thursday on the share price performance of the bank, which has sunk over 27 per cent from the high reached in February 2022.

 

The bank’s fundamental performance is strong, he said, but he acknowledged that the investigation has weighed on the stock.

 

Without a doubt shareholders have some anxiety, as do we, regarding our issue in the U.S., and until there is better clarity, I’m sure there is pressure.”

 

Masrani emphasized that TD still has a significant presence and potential in the U.S., even without the acquisition, including more retail locations than in Canada, and that nearly 80 per cent of its retail deposits in the U.S. are in markets where it ranks as a top-three bank.

 

The bank also faced questions on its climate efforts, ranging from its lobbying affiliations to its direct efforts on emission reductions.

 

A shareholder resolution put forward by Investors for Paris Compliance calling on the bank to disclose more details on how it plans to achieve its net zero targets received 28.6 per cent support, up from 23.5 per cent for a similar resolution last year.

 

Kyra Bell-Pasht, director of research and policy with Investors for Paris Compliance, said in a statement that the growing support shows shareholders remain concerned about how the bank will manage its growing climate transition risk.

 

Investor pressure will only grow for accountability at the bank as the climate crisis accelerates,” she said.

 

A proposal for an advisory vote on environmental policies, proposed by Le Mouvement d’education et de defense des actionnaires, received 17.9 per cent support.

 

Climate issues saw the most support among shareholder resolutions, including almost 29 per cent support for a proposal to have TD provide more details on its transitions plans, and 18 per cent support for an advisory vote on environmental policies.