The Globe and Mail reports in its Saturday edition that Canada's financial-crimes watchdog is preparing to impose a significant monetary penalty on TD Bank after an examination found the lender had faulty anti-money-laundering controls. The Globe's Rita Trichur and Stefanie Marotta write that FinTRAC completed an assessment of TD Bank in late 2023 and deemed its anti-money-laundering compliance to be unsatisfactory. The monetary penalty is expected to exceed $10-million. A penalty of that size, while small by international standards, would be the largest ever levelled by the Canadian regulator. Canada's second-largest bank is also facing scrutiny over its anti-money-laundering practices in the United States, its main growth market. Those investigations by U.S. law enforcement and regulators led to the collapse of TD's proposed $13.4-billion (U.S.) acquisition of Tennessee-based First Horizon Corp. Regulators on both sides of the border, however, have agreements in place to share financial intelligence and compliance information about financial institutions. FinTRAC has shared its preliminary findings with TD, and TD said in a statement that the bank is making improvements to its anti-money-laundering processes.