"Penalty for money laundering imposed on the development bank!"

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It has been reported that Toronto-Dominion Bank (TD Bank) has accepted violations of laws aimed at preventing money laundering and will pay a total of 3 billion dollars in fines to U.S. regulators.

3 BILLION DOLLAR FINE

U.S. Attorney General Merrick Garland announced at a press conference that TD Bank was found guilty of multiple offenses, including violating the Bank Secrecy Act and money laundering. Garland stated that TD Bank agreed to pay a fine of 1.8 billion dollars, noting that other institutions imposed legal sanctions, resulting in a total fine of approximately 3 billion dollars for TD Bank. He pointed out that TD Bank created an environment that allowed financial crime to flourish, stating, "TD Bank is the largest bank in U.S. history to admit its mistakes under the Bank Secrecy Act and the first U.S. bank in history to admit to money laundering offenses." Garland also highlighted that the fine imposed on the bank is the largest ever under the Bank Secrecy Act, noting that the U.S. Department of Justice has imposed a daily monetary penalty on a bank for the first time.

RECORD FINE FROM FINCEN

In a statement from the U.S. Department of the Treasury, it was reported that the Financial Crimes Enforcement Network (FinCEN) imposed a "record-level" fine of 1.3 billion dollars on TD Bank for violating anti-money laundering laws.

The statement indicated that TD Bank is among the large banks in the U.S., emphasizing that this fine is the largest ever imposed on a depository institution in the history of the U.S. Department of the Treasury and FinCEN. It was also stated that TD Bank failed to timely detect suspicious activities concerning its own employees.

FED ALSO IMPOSES FINES AMONG INSTITUTIONS

The U.S. Federal Reserve (Fed) announced that TD Bank was fined for violations related to anti-money laundering laws. The statement noted that TD's retail banking operations in the U.S. failed to implement adequate risk management and oversight, resulting in the use of hundreds of millions of dollars in illegal revenue for laundering. The statement also mentioned that TD was required to implement measures to comply with these laws and rectify deficiencies in risk management. It was indicated that this action by the Fed was carried out in conjunction with criminal and regulatory actions taken by the U.S. Department of Justice, the New Jersey District Attorney's Office, FinCEN, and the Office of the Comptroller of the Currency (OCC), with a total fine imposed by these institutions amounting to 3.09 billion dollars.

"THIS IS A DIFFICULT TIME IN OUR BANK'S HISTORY"

TD Bank Group President and CEO Bharat Masrani stated in a written statement, "We take full responsibility for the mistakes in our U.S. Anti-Money Laundering program and are making the necessary investments, changes, and improvements to fulfill our commitments. This is a difficult time in our bank's history. These mistakes occurred during my tenure as CEO, and I apologize to all our stakeholders."