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TD Bank is facing significant penalties, including a potential $3 billion fine, due to its failure to prevent money laundering by drug cartels, according to a recent report. This has led to a 4.5% drop in TD Bank’s shares during premarket trading on Thursday. The Canadian bank had already set aside billions of dollars in anticipation of these fines, which contributed to its unexpected third-quarter loss reported in August.
The investigation into TD Bank’s anti-money-laundering (AML) practices has been ongoing, with the bank working with U.S. regulators and law enforcement to address the issues. In addition to the fine, TD Bank may face restrictions on its U.S. growth as part of the resolution.
This development follows the announcement that TD Bank CEO Bharat Masrani will step down in April 2025, with a succession plan already in place. The bank has not yet commented publicly on the matter.
TD Bank’s shares had already been down 1.7% for the year before this recent drop in premarket trading .
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