Toronto-Dominion Bank Settles $3.1 Billion Over Money Laundering Failures Involving ICBK and FinTRAC

Toronto-Dominion Bank has reached a $3.1 billion settlement related to its failure to prevent money laundering at its U.S. branches, marking a historic resolution in the financial sector. Investigations into the bank were prompted by its Canadian operations, which were found to have repeatedly violated money-laundering regulations. The Canadian subsidiary of the Industrial and Commercial Bank of China (ICBK) has also been implicated, facing scrutiny for its non-compliance with Canada's anti-money laundering laws. Despite multiple warnings from regulators, including FinTRAC, the bank allegedly failed to conduct adequate reviews of high-risk clients, report suspicious transactions, and adhere to police production orders, raising concerns about its operations in Canada.