On October 10, 2024, the OCC announced a cease and desist order and a $450 million civil money penalty against TD Bank, N.A. and TD Bank USA, N.A., for deficiencies in the bank’s BSA and AML compliance program. The OCC determined that the bank failed to develop and maintain a BSA/AML program reasonably designed to assure and monitor compliance with the BSA and its implementing regulations.
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