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The bank disclosed last month that it had been receiving inquiries from regulators and law enforcement regarding its AML compliance. Toronto-Dominion is cooperating with authorities and anticipates that monetary and/or non-monetary penalties may be imposed as a result of the investigation.
Salom clarified that this disclosure was separate from Toronto-Dominion’s decision in early May to terminate a planned $13.4 billion acquisition of Memphis-based First Horizon (NYSE:FHN) Corp. The acquisition was abandoned due to concerns about the bank’s handling of suspicious customer transactions, which led to a lack of regulatory certainty. These concerns contributed to the delay in finalizing the deal, leading both banks to eventually abandon it.
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