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Top related persons:
Bharat Masrani - 3 FinCEN - 2 ” - 1 General Merrick Garland - 1 ” Garland - 1 “ - 1 Garland - 1 David - 1
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Canada U.S Wells Fargo Washington , Newark , New Jersey United States “ New York
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Bank - 3 Department of Justice - 2 TD Bank - 2 Federal Reserve - 2 DOJ - 2 Currency - 1 “ - 1 Washington , D.C - 1

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6 mentions found


☆ TD Bank pleads guilty in money laundering case, will pay $3 billion in penalties
  + stars: | 2024-10-10 | by ( Dan Mangan | Dan Mangan Is A Reporter Covering Politics For Cnbc.Com. | ) www.nbcnews.com   time to read: +6 min
The total assets of TD Bank’s two U.S. banking subsidiaries will be barred from exceeding $434 billion under that restriction. “Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering,” Garland said. “TD Bank chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties. “In August 2021, a TD Bank store manager emailed another store manager and remarked, quote, ‘You guys really need to shut this down. “This settlement lets bad bank executives off the hook for allowing TD Bank to be used as a criminal slush fund.
Persons: ”, General Merrick Garland, ” Garland, “, Garland, David, Lol, ’ ” Garland, ‘, FinCEN, Wally Adeyemo, ” Adeymo, ” Sen, Elizabeth Warren, ” Warren, Bharat Masrani, ” Masrani Organizations: Bank, Department of Justice, TD Bank, Currency, Federal Reserve, “, Washington , D.C, DOJ, Treasury, Enforcement Network, FinCEN, Street, CNBC, of Justice, Consumer Financial, Bureau Locations: U.S, Wells Fargo, Washington ,, Newark , New Jersey, United States, Canada, “
☆ TD Bank falls 8% after it faces $3 billion fine and growth caps over charges of enabling fentanyl-linked money laundering scheme
  + stars: | 2024-10-10 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +3 min
TD Bank shares fell 8% after it pleaded guilty to anti-money-laundering charges and agreed to pay a $3 billion fine. The charges involved a scheme by Chinese cartels bribing TD employees at bank branches in New York and New Jersey. The penalty is the largest ever anti-money laundering fine imposed on a bank by US officials. The bank cannot grow past its current $370 billion in asset size for as long as the asset cap is in place. The charges stem from an investigation that revealed TD Bank didn't have proper anti-money laundering practices in place.
Persons: —, Wells Fargo, Michael Hsu, FinCEN, Bharat Masrani, Masrani Organizations: Bank, Service, TD Bank, HSBC, Department of Justice, Federal Reserve, OCC Locations: New York, New Jersey, Canada
☆ TD expects penalties from US probes on money laundering
  + stars: | 2023-08-24 | by ( ) www.reuters.com   time to read: +2 min
Toronto-Dominion Bank (TD) logos are seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsCompanies Toronto-Dominion Bank FollowTORONTO, Aug 24 (Reuters) - TD Bank Group (TD.TO) on Thursday said it expects fines and "non-monetary" penalties related to investigations by U.S. authorities over its anti-money laundering compliance program. "The bank is cooperating with such authorities and is pursuing efforts to enhance its Bank Secrecy Act/anti-money laundering compliance program," TD said in the filing. "What I can say ... we are pursuing efforts to enhance our U.S. AML compliance program," he told analysts. The lender scrapped its planned $13.4 billion acquisition of U.S. regional lender First Horizon earlier this year, a move that was cheered by investors amid the U.S. regional banking crisis.
Persons: Chris Wattie, Canada's, Bharat Masrani, TD, Gabriel Dechaine, Denny Thomas, Nivedita Balu, Deepa Babington Organizations: Dominion Bank, REUTERS, Rights Companies, TORONTO, Bank Group, U.S, U.S . Department of Justice, Bank, First, National Bank, DOJ, Thomson Locations: Toronto, Ottawa , Ontario, Canada, Rights Companies Toronto, U.S
☆ First Horizon stock tumbles 50% after TD Bank merger collapses
  + stars: | 2023-05-04 | by ( David Goldman | ) edition.cnn.com   time to read: +3 min
New York CNN —First Horizon and TD Bank have called off a $13 billion deal that would have formed America’s sixth-largest bank, adding to the turmoil sweeping the country’s regional lenders. But regional banks have been losing the confidence of investors and customers since the March collapse of Silicon Valley Bank and Signature Bank. On Monday, a third regional bank, First Republic, failed and JPMorgan purchased most of its assets. Other regional bank stocks have tumbled in recent days after First Republic’s failure. Customers had been moving their money to bigger banks, leaving some regional banks without the cash they need to pay for withdrawals.
☆ TD Bank says in talks over possible extension of First Horizon takeover deadline
  + stars: | 2023-04-20 | by ( ) www.reuters.com   time to read: +1 min
TORONTO, April 20 (Reuters) - Toronto-Dominion Bank (TD.TO) believes its planned takeover of First Horizon Corp (FHN.N) is unlikely to close by its slated deadline and the company is in talks about a "possible extension," TD's chief executive officer said on Thursday. "We have opened discussions with First Horizon about a possible extension, and we will update our shareholders when we can," Bharat Masrani, Group President and CEO at the Canadian lender said at the firm's annual general meeting (AGM). TD is awaiting regulatory approval of the $13.4 billion transaction, which was set to close on May 27, and had previously said it was in discussions with First Horizon to extend the date. Some shareholders have been urging TD to ditch deal after the collapse of Silicon Valley Bank and Signature Bank last month triggered a crisis of confidence. Reporting by Maiya Keidan; Editing by Ismail ShakilOur Standards: The Thomson Reuters Trust Principles.
☆ How Cowen’s golden parachutes landed with a thud
  + stars: | 2022-10-07 | by ( John Foley | ) www.reuters.com   time to read: +7 min
It's not unusual for executives to have so-called golden parachutes that trigger when their company is sold. Compared with the $400 million TD might have had to pay, that sounds like a bargain. But as a proportion of the overall deal value, Cowen’s executives punch above their weight. So even if Cowen’s top brass have agreed not to open their golden parachutes, they’ll still land at TD with considerable impact. The deal included a renegotiation of the severance packages held by Cowen’s top six executives, including Chief Executive Jeffrey Solomon.
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