It’s reported that some of the employees that have been sacked were leaders in the bank’s anti-money-laundering function and others were branch employees that had been found to have violated TD’s code of conduct. In some cases, employees were believed to be facing criminal charges.
Wealth Professional has contacted TD Banking Group for comment.
TD reported its second quarter results this week and noted a $615 million charge in connection with discussions with one of the U.S. regulators conducting AML investigations. It also stated in its earnings report:
“The Bank has been cooperating with U.S. regulators and authorities in good faith for many months and is working diligently to bring these investigations to resolution so that investors can have more clarity. A comprehensive overhaul of TD’s U.S. AML program is well underway and will strengthen our program globally.”