Norway Wealth Fund Puts TD Bank Under Observation for Four Years
Norway's $1.9 trillion sovereign wealth fund put Toronto-Dominion Bank under observation for four years as the Canadian lender works to improve controls and culture, following a historic money laundering settlement.
TD Bank last year pleaded guilty to failures in the prevention of money laundering, agreeing to pay almost $3.1 billion in fines and other penalties. US Prosecutors said the bank failed for a decade to root out suspicious activities as required under the Bank Secrecy Act.
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