Money

Dirt Digger's Digest - Toronto-Dominion has joined the dubious club of large companies that have paid a penalty of $1 billion or more in a single case of misconduct. It achieved that distinction with the recent slew of announcements by the U.S. Justice Department and several financial regulators that the book was being thrown at the Canadian bank’s U.S. subsidiary TD Bank for widespread failures in meeting its obligations to prevent the use of its operations for money laundering by criminals and tax evaders....

Looking specifically at penalties for anti-money-laundering deficiencies, Toronto-Dominion is now at the top of the list in that category, overtaking Denmark’s Danske Bank, which has hit with $2 billion in criminal fines by the DOJ in 2022. Other banks with the highest penalties for AML and related Bank Secrecy Act violations include: JPMorgan Chase ($811 million), HSBC ($665 million), U.S. Bancorp ($528 million), Deutsche Bank ($491 million), and Capital One ($390 million). The non-bank with the largest total is Western Union at $740 million.