FINTRAC imposes an administrative monetary penalty of $9,185,000 on Toronto-Dominion Bank, for committing 5 violations related to AML/CTF

The Bankfailed to submit 20 suspicious transaction reports (STRs) out of 178 case files reviewed where there were reasonable grounds to suspect that one or more transactions were related to the commission or attempted commission of a money laundering (ML) or terrorist activity financing (TF) offence. FINTRAC’s 2023 examination continued to reveal gaps in the application of investigative processes in the Canadian FIU of the Bank…