Massive US Fine Against TD Bank Highlights Relatively Modest Penalties in Canada

Massive US Fine Against TD Bank Highlights Relatively Modest Penalties in Canada
TD Bank and Toronto Dominion Centre signage is pictured in the financial district in Toronto, on Sept. 8, 2023. The Canadian Press/Andrew Lahodynskyj
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The more than US$3-billion settlement TD Bank Group has reached with U.S. regulators for its failures to oversee money laundering risks has underlined what some say are relatively weak enforcement options in Canada.

Denis Meunier, president of DMeunier Consulting Inc. and a former deputy director of Fintrac, said fines in Canada have to increase significantly to provide adequate deterrence and not become just a cost of doing business.