TD Bank could face more severe penalties after drug money laundering allegations, says analyst

TD Bank could face more severe penalties after drug money laundering allegations, says analyst

TD Bank Group could be hit with more severe penalties than previously expected, according to a banking analyst, after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits. National Bank of Canada analyst Gabriel Dechaine said in a note that the worst-case scenario of the multiple U.S. investigations TD … Read more

CIBC fined $1.3M for failing to comply with money laundering and terrorist financing rules

CIBC fined .3M for failing to comply with money laundering and terrorist financing rules

Canada’s financial intelligence agency says it has levied a $1.3-million penalty against CIBC for non-compliance with money laundering and terrorist financing measures. The penalty is the second the Financial Transactions and Reports Analysis Centre of Canada has announced this week after RBC’s $7.4-million fine was publicized on Tuesday. The agency, known as Fintrac, says it … Read more