FinCEN Imposes Record $1.3 B Million Penalty against Canadian Bank

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Friday, October 11, 2024

Author:

Bruce Zagaris

Volume:

40

Issue:

11

Abstract:

On October 10, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) imposed a record $1.3 billion penalty against TD Bank, N.A. and TD Bank USA, N.A. (collectively, TD Bank, or the Bank) for violations of the Bank Secrecy Act (BSA), the main anti-money laundering (AML) law that protects the financial system from illicit use.[1]

[1] FinCEN, FinCEN Assesses Record $1.3 Billion Penalty against TD Bank, Oct. 10, 2024.