TORONTO — TD Bank Group says it has taken a US$2.6 billion provision in its third-quarter results related to ongoing U.S. investigations into its anti-money laundering program.
The bank, set to release its third-quarter results Thursday, says it has taken the charge in anticipation of a global resolution of the civil and criminal investigations by the end of the year.The bank also announced the sale of 40.5 million shares of The Charles Schwab Corp., worth about US$2.6 billion based on a closing price of US$64.57.
Chief executive Bharat Masrani says the bank recognizes the seriousness of the deficiencies in its anti-money laundering program. He says the bank's remediation efforts are well underway and it continues to work constructively with regulators and law enforcement towards a resolution.The Canadian Press
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