Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

Regulators Express Concerns on TD Bank’s AML Practices Leading to Merger Termination to Acquire First Horizon Bank

n-img-regulators

TD Bank was being examined by the Office of the Federal Reserve and the Comptroller of the Currency (OCC), with regards to the handling of unorthodox transactions and prompt reporting of illegal and suspicious activity to them, reported by The Wall Street Journal on May 8th.

The First Horizon Bank acquisition plans were terminated after regulators raised concerns about TD Bank’s AML/CFT practices. A joint statement released by TD Bank and First Horizon stated that the decision was reached because TD did not have a timetable for obtaining regulatory approvals for the $13.4 billion merger.

Upon being contacted for further details, the Federal Reserve, First Horizon, and the OCC declined to comment on the report. Additionally, TD Bank declined to make any additional remarks beyond those conveyed in the Wall Street Journal (WSJ) piece.

A TD Bank spokesperson told the WSJ, “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.”

In a joint statement, they said, “Because there is uncertainty as to when and if these regulatory approvals can be obtained, the parties mutually agreed to terminate the merger agreement.”

It was announced in February 2022 that the two banks would merge, thus creating the sixth-largest bank in the United States. Reuters reported at the time that TD Bank intended to use the deal to expand across the southern United States. Additionally, a number of US legislators opposed the proposed agreement.

Congresswoman Elizabeth Warren (D-Mass.) led a group of lawmakers who asked the OCC to halt the purchase in June 2022. The legislators stated in a letter to the OCC that TD Bank used point systems, bonuses, and threats of termination to encourage employees to open customer accounts and enrol in overdraft protection programs.

A TD Bank spokesperson responded to the inquiry by refuting the allegations. “Our business is built on a foundation of ethics, integrity and trust,” the statement said.

Suggested Read:

POLONIEX AGREES TO PAY $7.6M IN SETTLEMENT OF SANCTIONS VIOLATIONS

Related Posts

News

MAS Imposes Capital Requirements on OCBC for Inadequate Scam Response

Additional capital requirements have been imposed on the OCBC bank by the Monetary Authority of S...

MAS Imposes Capital Requirements on OCBC for Inadequate Scam Response Explore More

News

FinCEN Pinpoints Bitzlato as “Primary Money Laundering Concern”

FinCEN recognises Bitzlato Limited, a Hong-kong based virtual crypto exchange network, as a prima...

FinCEN Pinpoints Bitzlato as “Primary Money Laundering Concern” Explore More

News

FATF and EU Delist Bahamas from AML Blacklist

European Union has finally removed Bahamas from its AML blacklist, right after FATF has delisted ...

FATF and EU Delist Bahamas from AML Blacklist Explore More

News

President of Argentina Open to CBDC Adoption but Central Bank Says No

Alberto Fernandez, President of Argentina showed openness to adoption of Bitcoin and Central Bank...

President of Argentina Open to CBDC Adoption but Central Bank Says No Explore More

News

CBN Introduces Guidelines to Curb Money Laundering in the Financial Sector

The Central Bank of Nigeria (CBN) has issued guidelines on anti-money laundering and combating th...

CBN Introduces Guidelines to Curb Money Laundering in the Financial Sector Explore More

News

Ledger Owners Scammed worth 1.1 Million XRP

Earlier this year Legsdger customers faced a leak of email and personal information. Now they are...

Ledger Owners Scammed worth 1.1 Million XRP Explore More

News

Credit Suisse Settles French Tax Fraud & Money Laundering Probes for €238 Million

Credit Suisse accepted a settlement of 238 million euros to resolve a tax scam and money launderi...

Credit Suisse Settles French Tax Fraud & Money Laundering Probes for €238 Million Explore More

News

Twitter Reveals Plans of Addressing Deepfakes

Last month, Twitter announced that it was working on plans to better handle the rising issues of ...

Twitter Reveals Plans of Addressing Deepfakes Explore More

News

EU and British Financial Watchdogs to Investigate Digital Stock Tokens

The German and British regulators are reportedly investigating the stock token trading, recently ...

EU and British Financial Watchdogs to Investigate Digital Stock Tokens Explore More

News

Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert.

A crypto-savvy and a CFTC (Commodity Futures Trading Commission) chair from President Obama’s gov...

Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert. Explore More

News

Major Law Enforcement Operation Seizes 300 Crime Rings, Millions In Crypto Recovered

Millions in crypto seized, 300 criminal syndicates raided and arrested.  In today’s financial cri...

Major Law Enforcement Operation Seizes 300 Crime Rings, Millions In Crypto Recovered Explore More

News

Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance

The Cyprus Securities and Exchange Commission (CySEC) warned the Cyprus Investment Firms (CIFs)  ...

Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance Explore More

News

A Brussel Led Crackdown to be Held in Britain if EU Demands are not Met

MEPs have ordered Brussels to black-list the city of London if it does not comply with the EU’s D...

A Brussel Led Crackdown to be Held in Britain if EU Demands are not Met Explore More

News

Saudi Arabia has Achieved Another Victory in the Battle Against Financial Crimes

Saudi authorities seized $1.06 million from a criminal gang accused of money laundering. The culp...

Saudi Arabia has Achieved Another Victory in the Battle Against Financial Crimes Explore More

News

Danske Bank Expecting Huge Profit Rebound as Money Laundering Case Ends

Danske Bank expects a massive rebound in earnings this year, 2023, after the closure of the money...

Danske Bank Expecting Huge Profit Rebound as Money Laundering Case Ends Explore More

News

Amazon Sued Over Illegal Storage of Employee Biometric Data

Lawyers from the firm of McGuire Law P.C. of Chicago filed a class action complaint on November 1...

Amazon Sued Over Illegal Storage of Employee Biometric Data Explore More

News

£2 Million of Suspected Money Laundering Assets Seized by Royal Gibraltar Police

Following information from a Spanish law enforcement agency, the Royal Gibraltar Police have init...

£2 Million of Suspected Money Laundering Assets Seized by Royal Gibraltar Police Explore More

News

Kinahan Cartel Under Pressure as European Union Places UAE on ‘Blacklist’

The Kinahan Cartel is under great pressure after the European Union (EU) places the UAE on the ‘b...

Kinahan Cartel Under Pressure as European Union Places UAE on ‘Blacklist’ Explore More

News

Central Bank of Morocco to Introduce a Comprehensive Crypto Regulation Bill

Morocco’s Central Bank is drafting a set of comprehensive cryptocurrency laws as the digital asse...

Central Bank of Morocco to Introduce a Comprehensive Crypto Regulation Bill Explore More

News

“Illicit Actors are Turning to E-commerce as a Money Laundering Tool” UAE Central Bank Discloses

The United Arab Emirates central bank sees increased risks of illicit financial flows emerging fr...

“Illicit Actors are Turning to E-commerce as a Money Laundering Tool” UAE Central Bank Discloses Explore More

News

Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance.

A major Brazilian Bank in Paraguayan has been sanctioned by the Paraguayan government. Latin Amer...

Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance. Explore More

News

US Seizes 18 Crypto ATMs Bought With Fraudulent Loans

US law enforcement has seized 18 cryptocurrency automated teller machines previously purchased vi...

US Seizes 18 Crypto ATMs Bought With Fraudulent Loans Explore More

News

Emirates Delegation of Anti-Money Laundering and Counter-Terrorism Financing Visits US

The Emirates Executive Office of Money Laundering and Counter-Terrorism Financing visited Washing...

Emirates Delegation of Anti-Money Laundering and Counter-Terrorism Financing Visits US Explore More

News

National Westminster Bank Pleads Guilty to AML Breaches

NatWest has stated that it violated multiple anti-money laundering regulations that required the ...

National Westminster Bank Pleads Guilty to AML Breaches Explore More

News

FinCEN Wants Banks to Submit SARs to Affiliates Under AML Act 2021

FinCEN proposed a new rule that will allow banks to share suspicious activity reports with foreig...

FinCEN Wants Banks to Submit SARs to Affiliates Under AML Act 2021 Explore More

News

Pokies are Safe Havens for Criminals to Clean Dirty Money – Says NSW Crime Commission

According to findings of a multi-agency investigation released by the NSW Crime Commission, pubs ...

Pokies are Safe Havens for Criminals to Clean Dirty Money – Says NSW Crime Commission Explore More

News

South Africa links fintech startups with financial regulators

South Africa’s financial regulators have initiated the Inter-governmental Fintech Working Group (...

South Africa links fintech startups with financial regulators Explore More

News

FCA Fines £642K to Sunrise Brokers for AML Failings

FCA imposed a £642K fine on Sunrise broker for facilitating fraudster trading and having an inade...

FCA Fines £642K to Sunrise Brokers for AML Failings Explore More

News

Cambodia’s Presence on The Global Watchdog’s Hit List is a Threat to Country’s Reputation- States Deputy PM

Due to the enhanced ratio of financial crimes and human trafficking in Cambodia, the deputy prime...

Cambodia’s Presence on The Global Watchdog’s Hit List is a Threat to Country’s Reputation- States Deputy PM Explore More

News

Labor Party Victim of a Second Cyber-Attack

Britain’s Labour Party has informed that it had been a victim of a large-scale cyberattack on its...

Labor Party Victim of a Second Cyber-Attack Explore More

News

US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million

The US Court jails the Fintech Executives of Nigeria over a Money Laundering Case comprising $167...

US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million Explore More

News

New York man charged with trafficking credit card details

According to a federal indictment, Vitalii Antonenko, 28, was alleged in the U.S District Court f...

New York man charged with trafficking credit card details Explore More

News

Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions

The representatives of the Crypto industry have disapproved of reporting data about NFTs, DeFi tr...

Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions Explore More

News

FIU to Audit Crypto Exchanges, Aiming to Reduce Money Laundering

Financial Intelligence Unit under Financial Services Commission to audit Korea’s cryptocurrency e...

FIU to  Audit Crypto Exchanges, Aiming to Reduce Money Laundering Explore More

News

Central Bank of Nigeria (CBN) Raises Concerns Over KYC and AML Protocols

The Central Bank of Nigeria (CBN) has intensified pressure on financial institutions (FIs) to imp...

Central Bank of Nigeria (CBN) Raises Concerns Over KYC and AML Protocols Explore More

News

HKMA imposed a HK$6 million fine on Commerzbank for AML Failure

HKMA imposed a HK$6 million fine on Commerzbank for anti-money laundering failure. The bank has b...

HKMA imposed a HK$6 million fine on Commerzbank for AML Failure Explore More

News

UK Launches New Crypto Asset Promotion Rules

The UK’s latest obligations on the promotions of the crypto service providers came into force thi...

UK Launches New Crypto Asset Promotion Rules Explore More

News

MFSA, SEC, Along with FCA Introduces New AML Guidelines for Money Laundering Officers and Virtual Asset Service Providers

The Malta Financial Services Authority (MFSA), Securities and Exchange Commission (SEC), and Fina...

MFSA, SEC, Along with FCA Introduces New AML Guidelines for Money Laundering Officers and Virtual Asset Service Providers Explore More

News

SEC Files Money Laundering Complaint Against Silverlion

The Security Exchange Commission (SEC) filed a case against Silverlion Livestock Trading Corporat...

SEC Files Money Laundering Complaint Against Silverlion Explore More

News

British Columbia Makes Regulatory Change to Combat Money Laundering

The British Columbia government is providing the gambling regulator of the province more independ...

British Columbia Makes Regulatory Change to Combat Money Laundering Explore More

News

AFP to Crack Down on Italian Money Laundering Syndicates Operating in Australia

The AFP is set to crack down on Italian organised crime and money laundering syndicates flowing b...

AFP to Crack Down on Italian Money Laundering Syndicates Operating in Australia Explore More

News

US Sanctions Crypto Mixer Sinbad Over Connections to North Korea

The FBI and the Dutch Financial Intelligence and Investigation Service have a crackdown on virtua...

US Sanctions Crypto Mixer Sinbad Over Connections to North Korea Explore More

News

FATF to Shorten Its Fifth Round of Mutual Evaluation to Assess Countries’ AML Regimes

The Financial Action Task Force has announced that it will shorten its fifth round of mutual eval...

FATF to Shorten Its Fifth Round of Mutual Evaluation to Assess Countries’ AML Regimes Explore More

News

Danish Financial Regulatory Authority Orders Betfair to Address Money Laundering Violations

A subsidiary of Flutter Entertainment, Betfair International, has been sanctioned by the Danish f...

Danish Financial Regulatory Authority Orders Betfair to Address Money Laundering Violations Explore More

News

Singapore Now Requires Developers to Comply with New AML/TF Regulations

The Singaporean government will implement a new anti-money laundering and anti-terrorism financin...

Singapore Now Requires Developers to Comply with New AML/TF Regulations Explore More

News

UAE talks about developments in combatting the financing of terrorism

The NAMLCFTC inaugurated its second discussion on March 4 2021 and approved countermeasures that ...

UAE talks about developments in combatting the financing of terrorism Explore More

News

Nigeria Remains on FATF Gray List Due to Compliance Failures

Nigeria failed to pass a full-scale AML system review conducted by the global regulatory authorit...

Nigeria Remains on FATF Gray List Due to Compliance Failures Explore More

News

Europol & Budapest Police Arrest Criminal Group for Laundering EUR 44 Million

The Budapest Metropolitan Police along with Europol have arrested a criminal group involved in mo...

Europol & Budapest Police Arrest Criminal Group for Laundering EUR 44 Million Explore More

News

South Africa Must Fix Holes in Money Laundering Regulation by 2025, Warns FATF

South Africa needs to improve its Anti-Money Laundering and Counter-Terrorist Financing regulatio...

South Africa Must Fix Holes in Money Laundering Regulation by 2025, Warns FATF Explore More

News

Global Plight: Australia Paves the Way for Money Laundering in the Property

Australia facilitates money laundering through the property, causing a global plight and perpetua...

Global Plight: Australia Paves the Way for Money Laundering in the Property Explore More

News

Australian Defense Department Hit by Ransomware Attack

Australian Defence Department has been hit by a ransomware attack. No information about former or...

Australian Defense Department Hit by Ransomware Attack Explore More

News

South Africa Introduces Biometric Child Registration To Stop ID Theft

The Department of Home Affairs (DHA) in South Africa recently introduced a new method of biometri...

South Africa Introduces Biometric Child Registration To Stop ID Theft Explore More

News

US Banking Regulator Advises Federal Licensing Framework for Crypto Firms

Brian Brooks, Chief Operating Officer of the U.S. Office of the Comptroller of the Currency (OCC)...

US Banking Regulator Advises Federal Licensing Framework for Crypto Firms Explore More

News

Ireland Campaigns to make Dublin the EU AML Authority Headquarter

A team was established in the Department of Finance by the Irish government to campaign for Dubli...

Ireland Campaigns to make Dublin the EU AML Authority Headquarter Explore More

News

Bill to Combat Money Laundering Makes Its Way Through The Senate

The US House of Representatives passed the Corporate Transparency Act of 2019 (HR 2513) on Octobe...

Bill to Combat Money Laundering Makes Its Way Through The Senate Explore More

News

Europol & Budapest Police Arrest Criminal Group for Laundering EUR 44 Million

The Budapest Metropolitan Police along with Europol have arrested a criminal group involved in mo...

Europol & Budapest Police Arrest Criminal Group for Laundering EUR 44 Million Explore More

News

India to Introduce Physical Cryptocurrency Bank Branches

India has been rapidly adopting the changes in the digital world and introducing physical banks f...

India to Introduce Physical Cryptocurrency Bank Branches Explore More

News

UAE Central Bank to Take Action Against Unregistered Hawala Operators

From 2nd December 2020, the Central Bank in UAE will begin taking action against the unregistered...

UAE Central Bank to Take Action Against Unregistered Hawala Operators Explore More

News

NGOs Advised on Due Diligence to Tackle Terrorism Financing

The Financial Crimes Commission’s SCUML has advised Non-Governmental Organizations (NGOs) to cond...

NGOs Advised on Due Diligence to Tackle Terrorism Financing Explore More

News

US Financial Committee to Investigate Crypto to Combat Terrorist Financing

The US House of Financial Service Committee (FSC)  is set to conduct an in-depth investigation of...

US Financial Committee to Investigate Crypto to Combat Terrorist Financing Explore More

News

North Korean bankers charged in $2.5 billion money-laundering scheme

The US Department of Justice recently revealed criminal charges against about twenty-four North K...

North Korean bankers charged in $2.5 billion money-laundering scheme Explore More

News

The Law Society of Kenya Discusses Legalisation for Reporting of AML Cases

The annual conference of the Law Society of Kenya (LSK) was held at the weekend in Diani, the Pre...

The Law Society of Kenya Discusses Legalisation for Reporting of AML Cases Explore More

News

Experts Warn Many Firms Will Face Challenges With Latest FCA UK Crypto Law

The UK’s Financial Conduct Authority (FCA) updated the crypto industry regulations recently, whic...

Experts Warn Many Firms Will Face Challenges With Latest FCA UK Crypto Law Explore More

News

E-krona – Rising Cashless Sweden Sights Virtual Currency

Less than 10% of all transactions are done with cash in Sweden, according to an analysis by its c...

E-krona – Rising Cashless Sweden Sights Virtual Currency Explore More

News

US Law to Ban Shell Companies Runs into Delays

A new US law to prevent businesses from tax evasion using shell companies has been delayed at the...

US Law to Ban Shell Companies Runs into Delays Explore More

News

Amazon Warns UK Customers Over Rising Threat of Impersonation Scams

Amazon has cautioned UK customers about the rising threat of impersonation scams via phone calls,...

Amazon Warns UK Customers Over Rising Threat of Impersonation Scams Explore More

News

German Law Firm Denies Money Laundering Allegations Against Deutsche ReGas

Hengeler Mueller, a German law firm, investigated the loopholes in the Anti-Money Laundering (AML...

German Law Firm Denies Money Laundering Allegations Against Deutsche ReGas Explore More

News

European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding

The European Banking Authority (EBA) has issued its final policies on remote customer onboarding ...

European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding Explore More

News

Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance.

A major Brazilian Bank in Paraguayan has been sanctioned by the Paraguayan government. Latin Amer...

Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance. Explore More

News

UK Adopts new Methods to Fight Money Laundering Through Sanction Regime

The UK declared a new sanction regime against financial crimes like money laundering. According t...

UK Adopts new Methods to Fight Money Laundering Through Sanction Regime Explore More

News

Bank of Lithuania Revokes License of UK Payments Firm for AML Failures

Transactive Systems Ltd., which processed more than €1 billion of payments every month, has had i...

Bank of Lithuania Revokes License of UK Payments Firm for AML Failures Explore More

News

Oman’s CMA Initiates Efforts to Improve Anti-Money Laundering Measures

Oman’s Capital Market Authority is sharpening its focus on improving its anti-money laundering an...

Oman’s CMA Initiates Efforts to Improve Anti-Money Laundering Measures Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started