TD Bank Puts Aside $2.6 Billion for Money Laundering Investigation

Lapses in its anti-money laundering (AML) program continue to cost Toronto-Dominion Bank (TD Bank). The lender announced third-quarter earnings Thursday (Aug. 22) that include a $2.6 billion provision related to a possible investigation into the AML program. This follows a $450 million provision announced during the previous quarter. U.S. regulators have been examining the Canadian bank's AML efforts, leading TD to embark on a "remediation" of the program. "As part of this work, the bank has been making inv ...