By Stephen NakrosisThe chief executive of TD Bank Group said there were instances where the bank's anti-money laundering program "fell short." Bharat Masrani, group president and CEO of TD Bank Group, said Friday there were serious instances where the program didn't effectively monitor, detect, report or respond. The report also said the bank revealed it is the subject of three additional anti-money laundering investigations in the U.S.An overhaul of its U.S. and global anti-money laundering program is under way, TD Bank said. Masrani said the bank is continuing to cooperate closely with regulators "to accelerate our progress and meet our obligations." Shares of Toronto-Dominion Bank fell in Friday's market, closing the day with a 5.8% loss on the New York Stock Exchange at $54.66.

Source: Wall Street Journal May 04, 2024 04:37 UTC