Regulatory Alerts2024-05-02
FINTRAC imposes an administrative monetary penalty on The Toronto-Dominion Bank
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $9,185,000 administrative monetary penalty on The Toronto-Dominion Bank for failing to meet anti-money laundering and terrorist financing reporting, risk assessment, and ongoing monitoring requirements. The bank was specifically cited for not submitting suspicious transaction reports, documenting financial crime risks, implementing high-risk client measures, conducting continuous relationship monitoring, and retaining related records. FINTRAC confirmed the penalty addresses regulatory non-compliance rather than criminal activity, has been paid in full, and formally concludes the enforcement proceedings.
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