TD Bank commits to extensive changes after substantial fine

The Canadian TD Bank must pay a fine equivalent to 3.05 billion pounds in the U.S. due to its failures in the area of anti-money laundering (AML). For almost a decade, the financial institution failed to implement effective safeguards against money laundering. Even blatant issues, such as daily cash deposits of 1 million dollars by a customer, remained unchecked for a long time. As a result of these shortcomings, TD Bank now faces growth restrictions in the United States, and the leadership of the AML program has been fundamentally overhauled. Bharat Masrani, President and CEO of the TD Bank Group, took full responsibility and emphasized the need for deep investments and changes. He apologized to all stakeholders and praised the employees for their dedication in combating criminal activities. Leo Salom, President and CEO of TD Bank, America's Most Convenient Bank, acknowledged that criminals exploited the bank's systems and promised to regain the trust of regulatory authorities. He emphasized the strength of the U.S. bank operations and assured the ten million households and businesses that rely on the bank of continued reliable support.