Report: TD Bank's Money Laundering Troubles Could Lead to CEO Change

Group 1 - TD Bank is facing ongoing issues with its anti-money laundering (AML) controls, which may lead to a leadership change, specifically a new CEO by 2025 [1][2] - Shareholders and analysts suggest that an outside hire with U.S. banking sector experience is preferred to address the AML troubles [1] - The bank's CEO Bharat Masrani has been in position for 10 years, during which TD expanded significantly in the U.S. [2] Group 2 - Recently, TD Bank reported a $2.6 billion provision related to a potential investigation into its AML program, following a $450 million provision in the previous quarter [3] - U.S. regulators are scrutinizing TD's AML efforts, prompting the bank to undertake a remediation of its program [3] - Earlier this year, TD terminated over a dozen employees and initiated criminal charges and disciplinary actions against some [3] Group 3 - There is increasing scrutiny on AML practices across financial companies, with potential regulatory changes on the horizon [4] - Financial institutions, including banks and FinTechs, face significant consequences if they fail to meet AML standards [4] - Regulators are currently seeking input on the use of advanced technologies to enhance fraud defenses in financial institutions [4]