{
Philip Sellinger

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td bank faces three billion dollar fines for compliance failures in money laundering

TD Bank has been fined $3 billion for failing to adequately fund its Bank Secrecy Act and anti-money laundering (BSA/AML) compliance, which allowed it to become an unwitting partner in cross-border crime linked to a Mexican drug cartel. Investigations revealed that the bank's leadership prioritized growth and profits over legal obligations, leading to widespread compliance failures. U.S. Attorney Philip Sellinger criticized the bank's corporate culture for treating compliance as a low priority amidst its expanding business risks.
Compliance Week
United States Dollar The Toronto-Dominion Bank CAN Philip Sellinger Aaron Nicodemus
Regulatory & Legal, Press Release
01:00 05.11.2024
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