AMLR Solutions
AMLR Consultation
Onboarding
Ongoing Monitoring
FRAML
KYC
KYB
KYI
Age Assurance
Workforce IAM
Candidate Verification
Account Takeover
Bonus/ Promotion Abuse
Chargeback Fraud
Deepfake
Document Fraud
Fraud Networks
Impersonation Fraud
Money Mule Activity
Multi-Accounting
Party Fraud
Regulatory & Compliance Risks
Synthetic Identity Fraud
Adult Content
Banking
Crypto
Fintech
Forex
Compliance
Fraud prevention
Trust & safety
Global expansion
Compliance Officers
Developers
Fraud Analysts
Product Managers
Advanced Journey Builder (AJB)
Global Trust Platform
Customer Profiles
Vendor Comparison
IDV Case Management
AML Case Management
Regulatory Reporting
Travel Rule Protocols
Agentic Rule Builder
AI Compliance Co-Pilot
Fraud Analytics
Fraud Hub
OCR
Shufti AI
Bank Account Verification
Biometric Duplication
Database Checks
Document Intelligence
Government ID
Mobile Driver's License
NFC
Selfie Liveness
Brand Personalisation
Deployment Options
Identity Methods
IDV Modes
Multi-tenancy
On-Premise IDV
Secure Capture
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
