TD Bank was slapped with a penalty that’ll leave its pockets $3 billion lighter. Combined, the penalties are the largest-ever money-laundering fines a bank in the U.S. has had to pay.
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“We have taken full responsibility for the failures of our U.S. AML program and are making the investments, changes and enhancements required to deliver on our commitments,” said Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group. “This is a difficult chapter in our Bank’s history. These failures took place on my watch as CEO and I apologize to all our stakeholders.”
Any consequences for Mr Masrani, who claims to accept responsibility for what goes on during his watch? Or will he cruise above the fray, still pulling in his $13M/year?
“must not burden the JCs, no matter what they do”.
Steve
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