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Investing.com -- TD Bank, a leading Canadian lender, has appointed Guidepost Solutions as the compliance monitor for its anti-money laundering program, according to Reuters. This move follows a $3 billion penalty imposed on the bank by U.S. regulators in 2024 due to compliance lapses.
The Department of Justice (DoJ) and Financial Crimes Enforcement Network (FinCen) ordered the appointment of a monitor to oversee TD’s business operations in the United States. This is part of a multi-year program aimed at addressing the bank’s anti-money laundering issues and enhancing its controls.
TD Bank’s Chief Financial Officer, Kelvin Tran, explained that the costs for the monitor will be covered by a $500 million fund that the bank has set aside for compliance work. This is the first time information on the monitor has been reported.
"AML remediation is our top priority at TD, and we’re making steady progress," Tran said. The bank is committed to rectifying the compliance issues that led to the significant penalty last year.
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