(Reuters) -Canada’s TD Bank Group said on Wednesday it expects to finalize a global resolution of civil and criminal investigations by U.S. regulators into its anti-money laundering (AML) program by the calendar year-end.
In anticipation of the resolution, which will include monetary and non-monetary penalties, the lender said it has taken a further provision of $2.6 billion in its third-quarter financial results.
“We recognize the seriousness of our U.S. AML program deficiencies and the work required to meet our obligations and responsibilities is of paramount importance,” CEO Bharat Masrani said in a statement.
TD also announced the sale of 40.5 million shares of Charles Schwab that will cut its ownership in the U.S. brokerage down to 10.1% from 12.3%.
The bank had said in May a comprehensive overhaul of its U.S. and global AML program was well underway. The bank has been subject to multiple regulatory probes over its AML compliance program.
(Reporting by Manya Saini in Bengaluru; Editing by Shilpi Majumdar)
