Reported about 2 months ago
TD Bank has announced it will set aside an additional $2.6 billion to address penalties from ongoing U.S. regulatory investigations into its anti-money laundering practices, bringing its total allocation to over $3 billion. The bank is also planning to sell a portion of its shares in Charles Schwab to mitigate financial impacts. These measures come as TD aims to resolve the probes related to allegations of complicity in laundering $650 million for drug traffickers by year-end, with CEO Bharat Masrani stressing the bank's commitment to strengthening its compliance programs.
Source: YAHOO