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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...
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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...
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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: 2024-09-30      浏览次数:380次
Report: TD Bank in Talks About Money Laundering Plea

 

https://www.pymnts.com/aml/2024/report-td-bank-in-talks-about-money-laundering-plea/

 

TD Bank is reportedly close to a possible plea related to its anti-money laundering measures.

 

The Canadian bank is in discussions with U.S. prosecutors over the agreement, stemming from criminal charges that its American arm failed to prevent money laundering, The Wall Street Journal (WSJ) reported Friday (Sept. 27).

 

The plea could come in the next two weeks, the report said, citing sources with knowledge of the matter. Those sources say authorities accuse the bank of recklessness in failing to establish proper anti-money laundering measures.

 

The report noted that the U.S. Justice Department began investigating TD’s money laundering controls after learning that a criminal Chinese operation had laundered hundreds of millions of dollars in narcotics sales through the bank’s branches in New York and New Jersey and bribed TD employees.

 

PYMNTS has contacted TD for comment but has not yet gotten a reply.

 

TD released quarterly earnings last month that showed a $2.6 billion provision related to a possible investigation into its anti-money laundering (AML) program. This came after a $450 million provision announced by the bank during the previous quarter.

 

The bank has said that it is working on a “remediation” of its AML program in light of the federal investigation. Earlier this year, the bank fired more than a dozen workers, bringing criminal charges and disciplinary action against some of them.

 

And as PYMNTS wrote earlier this summer, these actions come amid increasing scrutiny of AML practices at financial companies.

 

And where these firms, banks and FinTechs among them, are deemed to come up short, there’s a (literal) price to pay,” that report said. “In the meantime, the very rules governing AML and fraud-fighting efforts may change, as a commentary period is ongoing as regulators seek input on the use of advanced technologies to sharpen fraud defenses at financial institutions.”

 

Meanwhile, the bank announced earlier this month that President and CEO Bharat Masrani will retire in April of next year, with Raymond Chun, currently group head, Canadian personal banking, set to take his place.

 

The anti-money-laundering challenges we face took place on my watch as CEO and I take full responsibility,” Masrani said in a statement announcing his retirement. “In the coming months, I will continue to advance and direct the critical remediation program required to meet our obligations and responsibilities and strengthen our risk and control foundation.”

 

The executive had led the bank for more than a decade, and been with TD for close to 40 years. He will continue to serve as an adviser to the bank until Oct. 31, 2025.