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TD Bank Group Says Anti-Money Laundering Program Fell Short at Times

By Stephen Nakrosis


The chief executive of TD Bank Group said there were instances where the bank's anti-money laundering program "fell short."

Bharat Masrani, group president and CEO of TD Bank Group, said Friday there were serious instances where the program didn't effectively monitor, detect, report or respond.

"This is unacceptable and not in line with our values," Masrani said, adding "these matters are not in any way related to TD's good faith dealings with our customers."

Earlier this week, The Wall Street Journal reported the U.S. Justice Department was investigating TD Bank's internal controls with a focus on how Chinese crime groups and drug traffickers were able to us the lender to launder money from fentanyl sales. The report also said the bank revealed it is the subject of three additional anti-money laundering investigations in the U.S.

An overhaul of its U.S. and global anti-money laundering program is under way, TD Bank said. Among the steps taken has been the hiring of recognized AML executives and bringing onboard hundreds of new AML professionals.

Masrani said the bank is continuing to cooperate closely with regulators "to accelerate our progress and meet our obligations."

Shares of Toronto-Dominion Bank fell in Friday's market, closing the day with a 5.8% loss on the New York Stock Exchange at $54.66. After hours, the shares had gained 1.4% to trade at $55.46.

On the Toronto stock exchange, the shares ended the day with a 5.8% loss, at C$74.80 ($54.65).


Write to Stephen Nakrosis at


(END) Dow Jones Newswires

May 03, 2024 18:50 ET (22:50 GMT)

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