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TD Bank

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2024

    U.S. money-laundering conspiracy and compliance failure

    TD pleaded guilty to conspiracy to commit money laundering and agreed to pay $3 billion in combined penalties to U.S. authorities. The resolution followed alleged anti-money-laundering monitoring failures over approximately a decade and required a four-year independent monitorship plus broad compliance reforms.

    Source

  2. 2021

    TD Bank agreed to pay OFAC settlement

    Settlement

    TD Bank, N.A. agreed to pay approximately $115,000 in settlements with the U.S. Treasury’s Office of Foreign Assets Control for apparent violations of North Korean sanctions regulations and the Foreign Narcotics Kingpin Sanctions Regulations. OFAC said the apparent violations were voluntarily self-disclosed and non-egregious.

    Source excerpt

    • TD Bank, N.A. agreed to pay approximately $105,000 as part of a settlement with the U.S. Treasury’s Office of Foreign Assets Control (OFAC) for “multiple sanctions compliance breakdowns” that contributed to more than 1,000 apparent violations of North Korean sanctions regulations.
    • The bank was further fined approximately $10,000 for 145 apparent violations of the Foreign Narcotics Kingpin Sanctions Regulations, OFAC announced Dec. 23. The agency said the total settlement amount of approximately $115,000 reflected its determination the apparent violations in both matters were voluntarily self-disclosed and non-egregious.
    Source

  3. 2021

    Moore Capital sues TD Bank over alleged fraud-response failures

    Lawsuit filed

    Moore Capital Holdings sued TD Bank, alleging that the bank failed to respond adequately to a fraud scheme that caused the firm to lose more than $275,000. The allegations are claims in the lawsuit, not a court determination.

    Source excerpt

    • In a lawsuit filed Tuesday, a private equity firm accused TD Bank of "total and systemic failure to respond to perhaps the most prevalent form of cyber-crime today."
    • An investment management firm that lost more than $275,000 to fraud is suing TD Bank for what it characterizes as the bank’s complete lack of preparedness for a common type of scam.
    Source