The Globe and Mail reports in its Saturday edition that TD Bank is moving on from its criminal past, appointing Guidepost Solutions as the compliance monitor for its anti-money-laundering program. A Reuters dispatch to The Globe says that Guidepost Solutions will monitor TD's business in the U.S. as part of a multiyear program to fix TD's anti-money-laundering problems and strengthen its controls, chief financial officer Kelvin Tran told Reuters. The costs for the monitor will be paid from a $500-million (U.S.) pot that TD has earmarked for compliance work. "AML remediation is our top priority at TD, and we're making steady progress," Mr. Tran said. U.S.-based Guidepost Solutions boasts more than 250 people, including former federal prosecutors and intelligence officers. It specializes in investigations, monitoring and compliance. TD became the largest bank in U.S. history to plead guilty to violating a federal law aimed at preventing money laundering, and agreed to pay more than $3-billion (U.S.) in penalties to resolve the charges in October. TD has since announced the departure of chief executive officer Bharat Masrani, who also led its U.S. unit before taking the helm. Global AML officer Herb Mazariegos also left.
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