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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


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. 

In an email statement, a spokeswoman for the bank said, "TD works diligently to prevent criminals from using the bank for illegal activity, to strengthen its risk management programs on an ongoing basis, and to protect the interests of our customers, the bank, and the financial system."

Late last year, Starling Insights published "The Costs of Misconduct," a Deeper Dive supplement to our 2022 Compendium. The report discusses the massive fines and societal impact stemming from misconduct, and whether, going forward, they can be treated even tacitly as "costs of doing business."

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