Money laundering

The sweeping enforcement actions will be a watershed event for TD Bank's U.S. subsidiary, which had previously been a promising growth engine.

Regulators have never held a hearing on whether to revoke the charter of a bank convicted of a money-laundering-related violation. As TD Bank nears a "global resolution" in connection with its compliance failures, it's unlikely to buck the trend.

The Federal Reserve has lifted a 2013 order relating to anti-money-laundering compliance issues, including in the megabank's now-defunct Banamex USA unit.

An amendment to the National Defense Authorization Act would expand access to the Financial Crimes Enforcement Network's beneficial ownership database. That would allow financial firms to cut off drug traffickers' financing.

A new OCC action over the megabank's anti-money-laundering guardrails, which follows news of seemingly more severe lapses at TD Bank, is raising concerns that a broader crackdown is at hand.

The penalty by the Office of the Comptroller of the Currency is a major setback for the San Francisco bank, which was freed from a separate anti-money-laundering order in 2021. Its stock price fell sharply after the news broke.

New rules from Treasury's Financial Crimes Enforcement Network will mandate reporting for non-financed real estate transfers and expand anti-money-laundering requirements for investment advisors.

The New York State Department of Financial Services issued a consent order against Finland-based Nordea Bank, citing deficiencies related to the Bank Secrecy Act and anti-money-laundering requirements.

The Biden Administration firmly rejects proposed cuts to key financial oversight and consumer protection agencies in the Republican-backed financial services appropriations bill for fiscal year 2025.

The Treasury Department's Financial Crimes Enforcement Network issued a proposal mandating banks enhance their anti-money-laundering and counterterrorism financing programs, including measures to address fentanyl trafficking and Russian money laundering.

The co-funder and CEO of Minerva, a regulation technology platform, is one of American Banker's 2024 Most Influential Women in Fintech.

For a country that relies on the energy and drive of immigrants to the extent that the U.S. does, it's surprisingly hard for them to get bank accounts. It's time to reassess what we mean by money-laundering risks.

In this month's roundup of top banking news: a Supreme Court ruling on CFPB funding, TD Bank's money laundering woes, an FDIC workplace probe reveals a culture of misconduct and more.

Executives at the Toronto-based bank said last year that they planned to add 150 branches in the United States. But when pressed on Thursday, they could not say how much they'll scale back their ambitions due to investigations over TD's anti-money laundering practices.

Executives at the Canadian bank, which recently took a major provision for potential fines, say they're working to shore up anti-money laundering controls. At the same time, they're preparing employees and investors for an expensive slog as they work to satisfy U.S. officials.

A veteran Canadian bank analyst says Toronto-Dominion Bank's role in an alleged money-laundering scheme has made the "worst-case scenario" more likely — a huge fine for the lender and years of restrictions on its U.S. growth.

Toronto-Dominion failed to submit suspicious-transaction reports in cases where it was reasonable to suspect the transfers were tied to money laundering or terrorist financing, along with other violations, according to the Financial Transactions and Reports Analysis Centre of Canada.

Toronto-Dominion Bank has taken an initial provision of $450 million in connection with U.S. investigations into its anti-money-laundering practices and said it expects additional penalties to come.

With financial crime surging worldwide, it is critical that the public and private sectors align on a shared vision to collectively focus on combating bad actors and to eliminate their ability to launder the proceeds of criminal activity.

The collection of beneficial ownership data is vital to fighting money laundering. It should be more broadly accessible, and should cover more businesses.