TD Bank Hit With $9.2M Penalty After Failing to Report Suspicious Transactions

TD Bank and Toronto Dominion Centre signage is pictured in the financial district in Toronto, on Sept. 8, 2023. The Canadian Press/Andrew Lahodynskyj

Canada’s financial-crime watchdog has levied a $9.2-million penalty against The Toronto-Dominion Bank for non-compliance with money laundering and terrorist financing measures as the bank also faces compliance investigations in the U.S.

The penalty by the Financial Transactions and Reports Analysis Centre of Canada, or Fintrac, comes after it imposed a $7.5-million fine against RBC and a $1.3-million fine against CIBC, both of which were announced in December. Those penalties were also for non-compliance issues related to money laundering and terrorist financing.