TD Addresses Media Reports About Its Anti-Money Laundering Program; CEO Bharat Masrani Says "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"

Author: Benzinga Newsdesk | May 03, 2024 06:28pm

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.

Posted In: TD