TD Bank
Toronto-based bank group and the 10th-largest bank in the United States.
- Entries
- 10
- On the record
- 3
- Stories
- 1
- Latest entry
- Dec 10, 2024
The record
TD Bank, N.A. is the U.S. retail bank of The Toronto-Dominion Bank of Canada, with its corporate office in Mount Laurel, New Jersey. It describes itself as one of the 10 largest banks in the U.S., serving more than 10 million customers from Maine to Florida. Its regulatory record did not start with the 2024 money-laundering plea; it goes back more than a decade to the collapse of a Florida law firm's Ponzi scheme.
In September 2013 TD Bank paid a $37.5 million civil penalty, assessed jointly by FinCEN and the Office of the Comptroller of the Currency, for failing to report suspicious activity in the accounts of the Rothstein law firm, which were used for transactions worth about $4 billion. The same week it paid $15 million to settle SEC charges over the scheme without admitting or denying the findings. In 2020 the CFPB ordered about $97 million in restitution and a $25 million penalty over overdraft practices.
In 2024 the scrutiny reached the parent. Canada's FINTRAC imposed a C$9,185,000 penalty on The Toronto-Dominion Bank in April for breaches that included failing to file suspicious transaction reports and to assess money laundering risks, and on October 10 the Federal Reserve fined the parent $123.5 million while FinCEN assessed a record $1.3 billion penalty against the U.S. bank, which admitted willfully failing to maintain an adequate anti-money laundering program.
Roles and honours on the record
Every entry, newest first
- Reported
Sens. Wyden and Warren asked TD what executives and staff knew about a laundering ring, per a letter the WSJ reviewed. TD Bank pleaded guilty in U.S. money-laundering case: $3.09B
- Ruled
Treasury's FinCEN imposed a $1.3B penalty on TD Bank; the Justice Department took $1.8B, per CNN. TD Bank pleaded guilty in U.S. money-laundering case: $3.09B
- Admitted
TD Bank pleaded guilty to conspiracy to violate the Bank Secrecy Act and commit money laundering, per CBC. TD Bank pleaded guilty in U.S. money-laundering case: $3.09B
- Reported
TD said it set aside $450M in provisions for possible U.S. penalties, per the Toronto Star. TD Bank pleaded guilty in U.S. money-laundering case: $3.09B
Stories in this file
The record, entry by entry
- 2013-09 Official FinCEN found TD Bank willfully failed to detect and report suspicious activity in the Rothstein law firm's accounts from April 2008 to September 2009, accounts used for transactions of about $4 billion. A $37.5 million penalty ran concurrently with an OCC penalty of the same amount and was paid once. FinCEN, Assessment of Civil Money Penalty, No. 2013-1
- 2013-09-23 Official TD Bank agreed to pay $15 million to settle SEC charges under Sections 17(a)(2) and (3) of the Securities Act over the Rothstein Ponzi scheme, without admitting or denying the findings. The SEC separately sued former regional vice president Frank A. Spinosa. U.S. Securities and Exchange Commission, press release 2013-192
- 2020-08-20 Official The CFPB issued a consent order finding TD Bank charged overdraft fees on ATM and one-time debit card transactions without obtaining customers' agreement, requiring an estimated $97 million in restitution and a $25 million civil penalty. Consumer Financial Protection Bureau, enforcement action
- 2024-04-09 Official Canada's financial intelligence unit, FINTRAC, imposed an administrative penalty of C$9,185,000 on The Toronto-Dominion Bank for five breaches of anti-money laundering law, including failing to file suspicious transaction reports. It announced the penalty on May 2, 2024. FINTRAC, notice of administrative monetary penalty
- 2024-10-10 Admitted FinCEN assessed a record $1.3 billion penalty against TD Bank, N.A. and TD Bank USA, N.A., finding trillions of dollars in transactions went unmonitored and about $1.5 billion in suspicious transactions went unreported. TD admitted it willfully failed to maintain an adequate anti-money laundering program. FinCEN, press release
- 2024-10-10 Official The Federal Reserve Board fined the parent, The Toronto-Dominion Bank, $123.5 million over weak risk controls and oversight of its U.S. retail operations and required improvements to its compliance program. Federal Reserve Board, press release
Documents
- FinCEN Assessment of Civil Money Penalty, In the Matter of TD Bank, N.A., No. 2013-1 (Sept. 2013)
- SEC press release on TD Bank's Rothstein settlement (Sept. 23, 2013)
- CFPB enforcement action, TD Bank, N.A. (Aug. 20, 2020)
- FINTRAC penalty notice, The Toronto-Dominion Bank (May 2, 2024)
- FinCEN press release on the $1.3 billion penalty (Oct. 10, 2024)
- Federal Reserve Board enforcement release (Oct. 10, 2024)