TD CEO Masrani tells staff he is disappointed by anti-money-laundering failings but they are being fixed [Globe and Mail, The (Toronto, Canada)]
Toronto Dominion Bank (The) (TD)
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Source: Globe and Mail, The
“We did not meet our expectations or our regulatory obligations to monitor, detect, report and respond to suspicious activity. As a result, criminals broke through our defences and used the bank to launder money,” Mr. Masrani said in the memo viewed by The Globe. “This is absolutely unacceptable. While our systems stopped a lot of activity, I am deeply disappointed there were serious instances where we failed to stop these criminals. It goes against our values and everything we believe.” Early last week, TD said it is setting aside US$450-million to cover penalties stemming from an investigation, but added the provision does not reflect the final amount of the potential monetary penalties or any non-monetary penalties. Later in the week, news emerged that the lead defendant in the money-laundering and drug-trafficking operation, Da Ying Sze, who goes by David, pleaded guilty in 2022 to laundering hundreds of millions of dollars in cash, “consisting of narcotics and other illici
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