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Toronto-Dominion Bank Discloses $450 Million Provision for AML Investigations

(Bloomberg) — Toronto-Dominion Bank has revealed that it has taken an initial provision of $450 million in connection with ongoing US investigations into its anti-money laundering practices. The bank has also stated that it expects additional penalties to follow.

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Cost of Fines “Unknown”

Canada’s second-largest bank made the disclosure in a statement released after markets closed on Tuesday. It warned that the full extent of the fines it may face is currently “unknown and not reliably estimable at this time.”

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Ongoing Discussions with US Regulators

Toronto-Dominion Bank is currently engaged in negotiations with three US regulators and the Department of Justice to reach a settlement. The $450 million provision is specifically linked to talks with one of those regulators.

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Analyst Uncertainty

Analysts have previously speculated that the bank could potentially face fines ranging from $500 million to $1 billion or more. However, some analysts believe that the recent announcement offers “only limited clarity” on the situation.

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Remediation Efforts Underway

The bank acknowledged in its statement that its anti-money laundering program was inadequate in monitoring and addressing suspicious activities. Efforts are currently being made to rectify these deficiencies.

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