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TD Bank to pay over $3B in penalties in money laundering probe

Shares of TD Bank (TD) are sinking after the Canadian bank has agreed to pay over $3 billion in penalties and accept limits on its growth as part of a settlement with US regulators over a money laundering investigation. It is the largest civil penalty against a bank in the history of the US Treasury Department. Market Domination Hosts Julie Hyman and Josh Lipton report more on the story and how it adds to the turmoil already facing the bank. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. This post was written and updated by Melanie Riehl

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  TD Bank says 2025 will be a transition year after $3 billion US penalty

  Reuters
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  US officials on TD Bank as 'easy target' for money laundering

  Reuters

TD Pays Hefty Penalties as Prosecutors Detail Nearly a Decade of Lax Controls

TD Bank’s $3 billion in penalties show the high price banks can pay if they fail to comply with anti-money-laundering regulations designed to stop criminal groups from moving the proceeds of drug sales and other illicit activity through the financial system.

Early Warning Press Release in Respect of Disposition of Common Shares in High Liner Foods Incorporated

BMO Nesbitt Burns Inc. ("BMO Nesbitt Burns") today announced that on October 10, 2024, it reduced its holdings of High Liner Foods Incorporated (the "Company") by 800,000 common shares ("Common Shares"), representing approximately 2.67% of the issued and outstanding Common Shares, through the facilities of the Toronto Stock Exchange at a price of $13.60 per Common Share for aggregate gross proceeds of $10,880,000 (the "Disposition").

TD Bank says 2025 will be a transition year after $3 billion US penalty

TD Bank will focus on restructuring its balance sheet in the 2025 fiscal year, the bank said on Thursday, after it pleaded guilty to violating a U.S. law aimed at preventing money laundering, and agreed to pay a combined $3 billion in penalties. The Canadian lender became the largest bank in U.S. history to plead guilty to violating the Bank Secrecy Act, government authorities said.

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  Factbox-US regulators impose penalties to resolve money laundering probes

  Reuters
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  TD Bank to pay $3 billion in historic money-laundering settlement with the Justice Department

  Associated Press Finance

Bank of Nova Scotia's Strategic Reduction in Manulife Financial Corp Holdings

On December 29, 2023, Bank of Nova Scotia executed a significant transaction involving its holdings in Manulife Financial Corp (NYSE:MFC), marking a strategic adjustment in its investment portfolio. This move adjusted Bank of Nova Scotia's total shares in Manulife to 22,763,139, representing a 1.35% position in its portfolio and a 1.26% stake in the company. Bank of Nova Scotia, headquartered at 44 King Street West, Toronto, is a prominent financial institution known for its robust investment strategies.

Bank of Nova Scotia's Strategic Acquisition in Manulife Financial Corp

On December 30, 2022, Bank of Nova Scotia significantly increased its stake in Manulife Financial Corp (NYSE:MFC), adding 64,833,043 shares. This transaction, priced at $17.84 per share, escalated the firm's total holdings to 93,297,277 shares, marking a substantial impact of 3.62% on its portfolio. This move not only increased the firm's position in Manulife to 5.27% but also underscored a strategic enhancement in its financial services sector allocation.

US officials on TD Bank as 'easy target' for money laundering

TD Bank became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures on Thursday, and the first bank in history to plead guilty to conspiracy to commit money laundering. Time and time again, TD Bank failed to meet its obligations.

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  TD Bank says 2025 will be a transition year after $3 billion US penalty

  Reuters
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  TD Bank to pay $3 billion, face asset cap to resolve US money-laundering probe

  Reuters

TD Bank Stock Drops After Regulators Bring Growth Cap, Record Fines Over Violations

TD Bank stock dropped more than 7% on Thursday after the firm was placed under a growth limitation and fined more than $3 billion by a group of U.S. regulators who found that deficient internal safeguards at the bank had failed to prevent financial crimes including drug trafficking and terrorist financing. On Thursday the Office of the Comptroller of the Currency, the Federal Reserve, the Treasury Department’s Financial Crimes Enforcement Network, known as FinCEN, and the Department of Justice together issued actions against TD, the 10th-largest U.S. bank by assets. FinCEN said its $1.3 billion fine against TD for violating the Bank Secrecy Act—the primary law in the U.S. that aims to prevent money laundering—was the largest penalty against a bank in the Treasury Department’s history.

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  US officials on TD Bank as 'easy target' for money laundering

  Reuters
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  TD Bank to pay $3 billion in historic money-laundering settlement with the Justice Department

  Associated Press Finance

TD Bank Agrees to $3 Billion in Penalties and Growth Restrictions in U.S. Settlement

The settlement relates to charges that the Canadian bank’s U.S. unit failed to properly monitor money laundering by drug cartels and other criminal groups.

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  TD Bank to pay $3 billion in historic money-laundering settlement with the Justice Department

  Associated Press Finance
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  TD Bank Stock Drops After Regulators Bring Growth Cap, Record Fines Over Violations

  Barrons.com

Air Canada pilots approve new $1.9 billion contract

Air Canada pilots voted in favor of a new collective bargaining agreement Thursday that includes several pay increases and quality-of-life improvements. Described as the airline’s largest-ever labor contract, the deal moves pilot compensation more in line with that of their U.S. peers. The post Air Canada pilots approve new $1.9 billion contract appeared first on FreightWaves.