TD Bank to Pay Over $3 Billion for Systemic Violations of Bank Secrecy Act and Money Laundering, Highlights 2024 ECCP

TD Bank has agreed to pay over $3 billion to settle allegations of systemic violations of the Bank Secrecy Act and money laundering. This settlement follows a broader discussion on compliance and accountability in the banking sector, particularly concerning the lack of individual accountability for banking executives. Commentators have criticized the absence of charges against individual supervisors and executives, despite the significant financial penalties imposed on the bank. The 2024 ECCP (Enhanced Compliance Culture Program) is highlighted as a pivotal development in compliance and culture within the industry, with experts noting its potential to reshape compliance practices. Various discussions and reports on compliance were shared recently, emphasizing the importance of a data-driven culture and engagement in compliance efforts.