Suit says TD tried to give the impression it was conducting serious investigations during the AML scandal, but was targeting Chinese and Chinese-American employees.
TD Bank
The Alert is meant to support reporting entities in recognizing financial transactions suspected of being related to the trafficking of synthetic opioids.
Compliance and legal professionals will remember 2024 as a year of considerable regulatory activity, major developments in technology, and the inevitable, routine mistakes.
Compliance and legal professionals will remember 2024 as a year of considerable regulatory activity, major developments in technology, and the inevitable, routine mistakes.
The relatively small fine is added to a list of massive penalties the beleaguered Canadian bank has recently sustained.
Stop blaming inferior AML software and arrest the individual responsible for the crime, says former federal agent Robert Mazur.
Failure to prevent being used as a conduit for laundering money – despite its investment in AML technology – could see the bank fined $4 billion.
The potential size of the fine means that the bank will partially offset it by sale of shares.