TD Bank

When TD Bank launched an audio brand identity across its communication channels early this year, the new jingle triggered a surprising reaction from consumers using the firm's ATMs.

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.

Toronto-Dominion disclosed last year that it was under investigation by the department. Canada's second-largest lender also faces probes by three U.S. regulators over its handling of suspicious customer transactions.

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.

Analysts estimate the probe, which remains unresolved, could lead to a fine of between $500 million and $1 billion, and Toronto-Dominion has already said it is spending hundreds of millions of dollars to improve its risk and control infrastructure. 

TD Bank is among the latest to support Tap to Pay, which allows clients to accept contactless payments on their personal smartphones. Through its investment in Autobooks, it enables others to do the same.

The Toronto bank has been under investigation by U.S. and Canadian supervisors for alleged shortcomings in anti-money-laundering compliance. CEO Bharat Masrani pledged "comprehensive enhancements" but declined to pinpoint the exact fixes and their costs.

Bharat Masrani has spent a decade as the Canadian bank's top executive and is pushing 70. But as the bank undergoes a U.S. Justice Department probe, it's unclear when he'll step down or who's next in line.

The New York bank's AI research group has published 400 papers, according to new research from Evident; TD Bank Group's Layer 6 unit published 14 last year. These groups work to solve real-life problems in the business units.