Toronto-Dominion Bank is taking a provision of $2.6 billion for fines it expects to pay for failures in its money-laundering controls, and has sold part of its stake in Charles Schwab Corp. to fund it.
Christine Dobby, Bloomberg NewsJohn Aiken, director of research at Jefferies, joins BNN Bloomberg to discuss the top risks for TD amid anti-money laundering issues.
Canada’s second-biggest bank made the announcement on Wednesday after markets closed. Its Schwab stake will fall to 10.1% from 12.3%. The core allegations are that it failed to catch money laundering and other financial crimes at several US branches. Toronto-Dominion has more than 10 million customers in the country and a network of almost 1,200 branches along the US east coast.
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