The media reports that Toronto-Dominion Bank (TD Bank) has decided to dismiss more than a dozen employees and has begun activities to modernize its functional processes to improve the system of countering transactions aimed at money laundering.
In this case, the mentioned financial institution, whose services are available, including in the safest city in Canada, aims to eliminate deficiencies in its mechanisms designed to detect and then stop operations aimed at achieving the specified criminal purpose.
According to media reports, TD Bank has been facing various legal challenges lately. The financial institution also found itself in the zone of increased attention from regulators. Against this background, the lender has begun to review its anti-money laundering practices.
The financial institution faced significant difficulties after deficiencies in its system of countering criminal transactions were identified. In this case, the fight against money laundering is meant. Following the detection of the mentioned deficiencies, United States regulators and the Department of Justice launched investigations into the activities of the financial institution. TD Bank responded to the specified measures by announcing a review of its anti-money laundering system and making changes to the relevant mechanisms to increase its effectiveness.
Bharat Masrani, President and Chief Executive Officer of the financial institution, said last Thursday, May 23, during the lender’s quarterly earnings call that the situation with defects in the practice of combating the mentioned illegal transactions is serious and noted that the bank is taking measures to eliminate the relevant problems.
It is known that criminal charges have been brought against some dismissed TD Bank employees. Also, some of them may soon be disciplined for minor infringements. These measures are related to the problems of anti-money laundering practices.
To eliminate the shortcomings in the specified practice, the financial institution has engaged highly qualified specialists with extensive work experience. The media also report that the bank has already invested about $365 million in upgrading its anti-money laundering system. As part of the related efforts, the lender is introducing new technologies and improving alert systems to tailor them to specific areas of operation.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
