TD Bank (TD) Takes $2.6B Hit for AML Penalty, Sells Schwab Stake

In anticipation of a year-end global resolution of the investigations into its anti-money laundering (AML) practices by U.S. regulators, Toronto-Dominion Bank (TD) has taken a further provision of $2.6 billion in its fiscal third-quarter results. In addition to the$450-million provision announced in April, TD estimates that it will have to pay $3 billion in connection with its compliance failures. Bharat Masrani, the CEO of TD Bank, stated, "We recognize the seriousness of our US AML program deficiencies. ...