The Office of the Comptroller of the Currency (OCC) has issued a consent order against Toronto-Dominion Bank on October 10, 2024, citing significant deficiencies in its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The bank was found to have processed hundreds of millions of dollars in suspicious transactions since 2020, with systemic breakdowns in transaction monitoring and customer due diligence.The consent order requires TD Bank to implement comprehensive reforms, including developing an effective BSA/AML program, enhancing customer due diligence procedures, and improving suspicious activity monitoring and reporting systems. The bank must also conduct a suspicious activity review look-back and maintain sufficient BSA/AML staffing. Additionally, the bank is restricted from asset growth beyond its September 2024 levels...Show More

The Office of the Comptroller of the Currency (OCC) has issued a consent order against Toronto-Dominion Bank on October 10, 2024, citing significant deficiencies in its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The bank was found to have processed hundreds of millions of dollars in suspicious transactions since 2020, with systemic breakdowns in transaction monitoring and customer due diligence.The consent order requires TD Bank to implement comprehensive reforms, including developing an effective BSA/AML program, enhancing customer due diligence procedures, and improving suspicious activity monitoring and reporting systems. The bank must also conduct a suspicious activity review look-back and maintain sufficient BSA/AML staffing. Additionally, the bank is restricted from asset growth beyond its September 2024 levels until achieving full compliance.The bank has begun corrective actions and committed to necessary remediation steps. The order establishes strict oversight requirements, including the formation of a compliance committee and regular progress reporting to regulators. TD Bank must also engage independent consultants to assess its BSA/AML program and conduct the suspicious activity review look-back.