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TD Acquisition of First Horizon Scuttled By AML Concerns

TD Acquisition of First Horizon Scuttled By AML Concerns

by Starling Insights

Starling Insights Editorial Board

May 18, 2023

Observations

AML/CFT Regulatory Trends USA The Costs of Misconduct

Last week, Toronto-Dominion Bank's (TD) proposed acquisition of First Horizon was called off due to regulatory concerns over TD's anti-money laundering practices.

The concern stems from TD's handling of unusual transactions in recent years and the time it took for them to be brought to the attention of U.S. authorities, said people familiar with the matter. TD had promised to improve its anti-money laundering policies, but it was not enough to secure regulatory approval from the Office of the Comptroller of the Currency and the Federal Reserve.

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