Regulatory Alerts2024-10-10 | 2024-02Added
Consent Order Imposing Civil Money Penalty on TD Bank, N.A. and TD Bank USA, N.A.
FinCEN imposes a civil money penalty on TD Bank, N.A. and TD Bank USA, N.A. for willful violations of the Bank Secrecy Act and its implementing regulations. The order details systemic failures in the banks' anti-money laundering programs, including inadequate staffing, insufficient resources, and deficient transaction monitoring that resulted in backlogs and delayed reporting of suspicious activity. TD Bank admits to the facts regarding these violations and consents to the issuance of the Consent Order and the associated penalty.
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