TD Addresses Media Reports About Its AML Program TORONTO, May 3, 2024 /CNW/ - TD Bank Group ("TD" or the "Bank") (TSX: TD), (NYSE: TD), today made the following statement related to media reports about its anti-money laundering (AML) program:
"Criminals relentlessly target financial institutions to launder money and TD has a responsibility and an obligation to thwart their illegal activity," said Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group. "I regret that there were serious instances where the Bank's AML program fell short and did not effectively monitor, detect, report or respond. This is unacceptable and not in line with our values. As we have previously said, these matters are not in any way related to TD's good faith dealings with our customers."
A comprehensive overhaul of TD's U.S. and global AML program is well underway. TD has already invested over $500 million in program remediation and platform enhancements.
The Bank has:
- Hired recognized AML executives with proven leadership from across the private and public sectors.
- Onboarded hundreds of new AML professionals, with deep expertise in program design, oversight, and execution.
- Deployed new enterprise-wide training and onboarding programs to improve program performance and consistency.
- Made significant investments in new technology, processes, and controls to enhance oversight across the enterprise, which have resulted in heightened account monitoring and mandatory reviews, accelerated escalations and new activity prohibitions.
"Our efforts have resulted in tangible improvements, with more work ahead. We continue to cooperate closely with our regulators to accelerate our progress and meet our obligations," said Masrani.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 17 million active online and mobile customers. TD had $1.91 trillion in assets on January 31, 2024. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group