TD Bank fined record $1.3 billion by US FinCEN for anti-money laundering failures
( October 10, 2024, 21:50 GMT | Official Statement) -- MLex Summary: The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) assessed a record $1.3 billion penalty against two US subsidiaries of TD Bank Group for violations of the Bank Secrecy Act (BSA), the primary anti-money laundering law that safeguards the financial system from illicit use. FinCEN’s $1.3 billion settlement is the largest penalty against a depository institution in US Treasury and FinCEN history.Statement and consent order follow below:...
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