In a recent opinion piece published in The Globe and Mail, John Turley-Ewart, a regulatory risk management consultant and Canadian banking historian, argues that Canada's Office of the Superintendent of Financial Institutions (OSFI) was ultimately at fault for TD Bank's US money-laundering issues.
Last month, TD Bank set aside a $3 billion provision for anticipated US regulatory penalties due to inadequate anti-money laundering (AML) controls, which allegedly allowed $653 million in illegal drug money to be laundered through its US branches between 2016 and 2021. As a result, TD declared a quarterly loss and halted its US expansion plans.
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