TD Bank earns itself $3 billion fine for ‘placing profit over compliance’
A $3 billion dollar fine has been imposed upon TD Bank for anti-money laundering failings and violating the Bank Secrecy Act.
Bank Secrecy Act (BSA) of 1970
The Bank Secrecy Act works to prevent money laundering and terrorist financing in the USA. With many facets, the Act covers regulatory requirements for banks and financial institutions, ensuring they raise red flags when suspicious activity occurs.
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