The comments appear to mark the first public acknowledgement by Trudeau of the case, which saw TD fined over US$3 billion to settle money laundering charges.
Due to the sensitive and/or legal subject matter of some of the content on globalnews.ca, we reserve the ability to disable comments from time to time.Trudeau made the comments during question period in the House of Commons Wednesday when asked by NDP MP Don Davies what the Liberals have done to “address repeated criminal actions of TD Bank.”
The U.S. government had accused TD of ignoring multiple red flags from high-risk customers and creating a “convenient” environment for bad actors to exploit. TD failed to monitor over US$18 trillion in customer activity for about a decade, enabling three money laundering networks to transfer illicit funds through accounts at the bank, U.S. authorities said.Business Matters: TD Bank to pay $3 billion USD in historic money-laundering settlement with U.S.
In contrast, the massive American fine came in part from U.S. rules that allow regulators to fine banks up to US$500,000 for each day they lack a functioning anti-money laundering program. The finance department told the Canadian Press in a statement that the government has zero tolerance for financial crimes, and is continuously working to improve Canada’s ability to combat financial crime.
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