TD Bank Faces $3 Billion U.S. Fine, Exposing Canada's Lenient Penalties

The record settlement highlights the need for Canada to strengthen its anti-money laundering enforcement measures.

TD Bank's settlement with U.S. regulators amounts to over $3 billion due to failures in monitoring money laundering risks.
Critics argue that Canadian penalties are too lenient, with maximum fines capped at $500,000 per violation by Fintrac.
Denis Meunier, a former deputy director at Fintrac, advocates for substantial increases in fines to deter financial crimes.
The Canadian government is exploring ways to enhance its anti-money laundering framework, including public consultations and regulatory updates.
Experts emphasize the importance of retaining regulatory expertise and suggest empowering Fintrac with greater enforcement capabilities.