Td Bank Faces Compliance Consequences for Money Laundering
Canadian lender TD Bank appointed Guidepost Solutions as the compliance monitor for its anti-money laundering program after U.S. regulators hit the lender with $3 billion in penalties last year. The costs for the monitor will be paid from a $500 million pot that TD has earmarked for compliance work, allowing the bank to address its ongoing AML remediation efforts and strengthen controls. Guidepost Solutions is a U.S.-based company with more than 250 people, including former federal prosecutors and intelligence officers.
- The appointment of an independent monitor highlights the growing scrutiny of financial institutions on their ability to prevent money laundering, underscoring the need for robust anti-money laundering (AML) systems in place.
- How will regulatory requirements on AML compliance impact the global banking sector's reputation and competitiveness in the coming years?