CHERRY HILL, N.J.—TD Bank Group announced the bank continues to actively pursue a global resolution of the civil and criminal investigations into its U.S. Bank Secrecy Act (BSA)/anti-money laundering (AML) program by the Financial Crimes Enforcement Network (FinCEN) and Department of Justice (DOJ), according to a new report.
In anticipation of a global resolution, which will include monetary and non-monetary penalties, the bank has taken a further provision of $2.6 billion in its third quarter financial results to reflect the bank’s current estimate of the total fines related to these matters, Traders Magazine said.
The bank expects that a global resolution will be finalized by calendar year end, the report added.
Selling Shares in Charles Schwab
Meanwhile, TD Bank also announced it has sold 40.5 million shares of common stock of in Charles Schwab. The share sale will reduce TD’s ownership interest in Schwab from 12.3% to 10.1%. In connection with this sale, TD has agreed not to sell any additional Schwab shares for a period of 45 days, subject to certain exceptions. TD has no current intention to divest additional shares, Traders Magazine said.