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Toronto-Dominion Bank says it’s been receiving inquiries from regulators and regulation enforcement about its compliance with anti-money-laundering guidelines, together with requests associated to a U.S. Division of Justice investigation.
Canada’s second-largest financial institution made the disclosure in its third-quarter financial results Thursday, saying it might face penalties because of the probe.
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“The financial institution is co-operating with such authorities and is pursuing efforts to reinforce its Financial institution Secrecy Act/anti-money-laundering compliance program,” the Toronto-based firm stated. “Whereas the last word outcomes of those inquiries and investigations are unknown presently, the financial institution anticipates financial and/or non-monetary penalties to be imposed.”
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A spokesperson for the Justice Division didn’t instantly reply to an emailed request for remark.
Toronto-Dominion had a deal to purchase Tennessee-based First Horizon Corp., however the transaction fell apart in May after the financial institution stated it couldn’t safe well timed approval from regulators. The acquisition was held up by issues about Toronto-Dominion’s dealing with of suspicious buyer transactions, an individual conversant in the matter advised Bloomberg Information on the time.
—With help from Stephanie Hughes and Ben Bain.
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