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TD Bank Issues Update on U.S. Anti-Money Laundering Matters

TD Bank Group has recently announced its ongoing efforts to resolve civil and criminal investigations into its U.S. Bank Secrecy Act (BSA)/anti-money laundering (AML) program by its U.S. prudential regulators, the Financial Crimes Enforcement Network (FinCEN), and the U.S. Department of Justice. The Bank is actively pursuing a global resolution that will include both monetary and non-monetary penalties. In anticipation of this resolution, TD has taken a further provision of US$2.6 billion in its third-quarter financial results to account for the estimated total fines related to these matters. The Bank expects to finalize this global resolution by the end of the calendar year.

In addition to addressing the AML program investigations, TD also announced the sale of 40,500,000 shares of common stock of The Charles Schwab Corporation. This share sale will reduce TD’s ownership interest in Schwab from 12.3% to 10.1%. As part of the agreement, TD has committed not to sell any additional Schwab shares for a period of 45 days, with certain exceptions. The Bank currently has no plans to divest any further shares.

Following the provision for the AML program investigations, TD’s Common Equity Tier 1 (CET1) ratio will be 12.8% as of July 31, 2024. The provision will have a negative impact of 35 basis points on the CET1 ratio in the fourth fiscal quarter due to increased operational risk. However, the sale of Schwab shares will increase TD’s CET1 ratio by 54 basis points in the same quarter.

Bharat Masrani, Group President and Chief Executive Officer of TD Bank Group, emphasized the seriousness of the AML program deficiencies and the importance of meeting obligations and responsibilities. Masrani highlighted the progress of TD’s remediation program, which includes strengthening the U.S. AML program with industry experts and talent, investments in data and technology, training, and process design. With a focus on building stronger foundations for its U.S. business, TD is committed to serving its 10 million American clients with the support of 30,000 colleagues across the country.

Masrani expressed the Bank’s commitment to working collaboratively with regulators and law enforcement to resolve the AML matters and provide clarity to shareholders, clients, and stakeholders. TD’s proactive approach to addressing these challenges demonstrates its dedication to upholding regulatory compliance and enhancing its risk management practices for the benefit of all stakeholders.

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