The Office of the Comptroller of the Currency announced a cease and desist order and a $450M civil money penalty against TD Bank for deficiencies in the bank’s Bank Secrecy Act and anti-money laundering compliance program. Today’s action also imposes a restriction on the growth of the bank and a measure designed to ensure that the bank invests sufficient resources to remediate its deficiencies “in a timely manner,” the agency said in a statement.
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