A TD Bank stands in Brooklyn, New York, on June 4, 2024.
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TD Bank According to reports, fines of up to $3 billion are expected to be paid to the company. Ministry of Justice and financial crimes regulators settled a federal investigation into alleged failures to monitor money laundering activities by drug cartels.
TD Bank, whose U.S. branch ranks No. 10 Bank of America It will also accept limits on its growth on an asset basis as part of the settlement, according to the report. wall street journal Wednesday night.
The restrictions on TD Bank’s growth will reportedly be similar to those the Federal Reserve imposed on Wells Fargo in 2018 due to what the Fed called “pervasive consumer abuse” at the bank.
Shares of TD Bank were down more than 3% at noon Thursday.
A spokesman for Toronto-based TD Bank, Canada’s second-largest bank, had no immediate comment on the Journal report.
The newspaper reported in May that the Justice Department was investigating how Chinese organized crime group Drug traffickers used TD Bank to launder money to sell the deadly opiate fentanyl in the United States.
In September, TD Bank was ordered to pay nearly $28 million. Consumer Financial Protection Bureau Consumer reporting agencies were repeatedly provided with customer messages containing numerous errors, and despite being aware of the errors, waited over a year for them to be fixed.
Read the full WSJ report here: TD Bank faces $3 billion fine and growth restrictions on U.S. settlement
This is developing news. Please check back for updates.
