TD Bank hires Guidepost Solutions following $3 billion penalty - Reuters

Published 27/02/2025, 15:34
© Reuters.

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.