TD Bank hit with $9.2M fine over failing to report suspicious transactions

Canada’s financial intelligence agency says it has levied a $9.2-million penalty against The Toronto-Dominion Bank for non-compliance with money laundering and terrorist financing measures as the bank also faces compliance investigations in the U.S.

The penalty by the Financial Transactions and Reports Analysis Centre of Canada follows on a $7.5-million fine against RBC and a $1.3-million fine against CIBC announced in December.

The agency, known as Fintrac, says it imposed the penalty against TD for a range of failures including not submitting suspicious transaction reports when there was reasonable grounds to require it to do so, not assessing and documenting money laundering/terrorist activity financing risks and for the bank not taking prescribed special measures for high risk.

 

 

 

 

Source: CNBC