In the ninth episode of Season 12 of Compliance Clarified, Todd Ehret, senior regulatory intelligence expert, is joined by Brett Wolf for an insightful discussion on the TD Bank unprecedented fine related to the banks numerous AML failures.
Brett Wolf, is an award winning journalist and our resident expert on AML, financial crime, and sanctions for Thomson Reuters Regulatory Intelligence.
In this episode, Brett and Todd discuss what occurred at TD Bank leading, multiple U.S. banking regulators and law enforcement agencies to cumulatively fine the bank and its subsidiaries more than $3 billion after finding that the bank engaged in systemic and willful AML failures.
Additionally, regulators and the Department of Justice have imposed very restrictive and harsh remediation demands on the bank which could impact it for years to come.
For more information on the podcast and additional resources, see the links below.
Links:
Todd Ehret LinkedIn: https://www.linkedin.com/in/todd-ehret-91827264/
Brett Wolf LinkedIn: https://www.linkedin.com/in/amlwolf/
Link to recent articles by Brett Wolf:
DOJ statement that includes links to the court documents: https://www.justice.gov/opa/pr/td-bank-pleads-guilty-bank-secrecy-act-and-money-laundering-conspiracy-violations-18b
Article about TD Bank plea:
https://www.linkedin.com/posts/amlwolf_us-action-against-td-bank-activity-7250564774063714304-xkEV?utm_source=share&utm_medium=member_ios
Article on TD AML employee who allegedly stole customer information and shared it on Telegram to fuel check fraud scheme:
https://www.linkedin.com/posts/amlwolf_td-aml-staffer-allegedly-stole-customer-data-activity-7260710359504683008-Acvs?utm_source=share&utm_medium=member_ios
FinCEN Consent Order with TD Bank
https://www.fincen.gov/sites/default/files/enforcement_action/2024-10-10/FinCEN-TD-Bank-Consent-Order-508FINAL.pdf
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
