Signs of Alzheimer’s were everywhere. Then his brain improved
Blood biomarkers of telltale signs of early Alzheimer’s disease in the brain of his patient, 55-year-old entrepreneur Simon Nicholls, had all but disappeared in a mere 14 months.
Canada’s financial-crime watchdog has levied a $9.2-million penalty against The Toronto-Dominion Bank for non-compliance with money laundering and terrorist financing measures as the bank also faces compliance investigations in the U.S.
The penalty by the Financial Transactions and Reports Analysis Centre of Canada, or Fintrac, comes after it imposed a $7.5-million fine against RBC and a $1.3-million fine against CIBC, both of which were announced in December. Those penalties were also for non-compliance issues related to money laundering and terrorist financing.
The penalty against TD is for five violations during a review between March 1, 2022 and March 31, 2023, the agency said.
The failures include not submitting suspicious transaction reports when there was reasonable grounds to require it to do so, including negative media related to the clients, not assessing and documenting money laundering or terrorist activity financing risks and for the bank not taking prescribed special measures for high risk.
During its review Fintrac identified 96 clients who were not entered into the bank's high-risk client program, including a politically exposed foreign person who was able to transact for more than two years without the bank obtaining required details from the client.
TD is working to improve, said spokeswoman Lisa Hodgins in a statement.
"As part of their regular review of Canadian financial entities, FINTRAC identified five specific administrative findings that require our attention. Improvements have been made and more are underway."
The penalty against TD comes only days after the bank disclosed it had taken an initial provision of US$450 million in connection to the ongoing U.S. regulatory inquiry into its anti-money laundering compliance program.
The bank said on Tuesday its discussions with three U.S. regulators and the Department of Justice are ongoing, and it anticipates additional financial penalties.
TD said its program was "insufficient to effectively monitor, detect, report, and respond to suspicious activity" and work is underway to remedy the deficiencies.
National Bank analyst Gabriel Dechaine said total penalties could exceed market expectations of somewhere in the $500 million to $1 billion range, while the bank also faces risks that regulators issue consent orders that could mean further restrictions.
At the bank's AGM last month, TD chief executive Bharat Masrani asked shareholders to be patient as the bank works to clear the regulatory overhang on the stock.
"Without a doubt shareholders have some anxiety, as do we, regarding our issue in the U.S., and until there is better clarity, I'm sure there is pressure."
This report by The Canadian Press was first published May 2, 2024.
Blood biomarkers of telltale signs of early Alzheimer’s disease in the brain of his patient, 55-year-old entrepreneur Simon Nicholls, had all but disappeared in a mere 14 months.
An invasive moth species is on the rise in Canada and, if you've planted a certain shrub, it could stand to ruin your garden.
Passengers heading from Montreal to Lyon, France on Friday were forced to return home and depart the next day after a pressurization indication was detected in flight.
The Edmonton Oilers avoided elimination from the NHL playoffs Saturday night, beating the visiting Vancouver Canucks 5-1 in Game 6 of their second-round series.
Ottawa's ultra luxury housing market is blooming like the tulips this spring, with a significant increase in the number of homes sold worth more than $2 million.
A contractor working on the Coastal GasLink pipeline has been denied more than $333,000 worth of tax rebates because pieces of machinery it purchased – and claimed were not trucks – were deemed sufficiently truck-like in B.C. Supreme Court.
Fishery and border service officers seized more than 100 kilograms of unauthorized elvers at the Toronto Pearson International Airport on Wednesday.
Oleksandr Usyk defeated Tyson Fury by split decision to become the first undisputed heavyweight boxing champion in 24 years.
May long weekend is finally here, and with the extra time off you may be getting the itch to head out to your garden and plant. However, the old debate whether you should plant now, or wait, is still ever-present.
A B.C. woman says her service dog pulled her from a lake moments before she had a seizure, saving her life.
A Starbucks fan — whose name is Winter — is visiting Canada on a purposeful journey that began with a random idea at one of the coffee chain's stores in Texas.
Members of Piapot First Nation, students from the University of Winnipeg and various other professionals are learning new techniques that will hopefully be used for ground searches of potential unmarked grave sites in the future.
ALS patient Mathew Brown said he’s hopeful for future ALS patients after news this week of research at Western University of a potential cure for ALS.
When Adam Kirschner wrote 'Slap Shot,' he never imagined the song would be embraced by his favourite team.
A team is ready to help an entangled North Atlantic right whale in the Gulf of St. Lawrence.
A $200 reward is being offered by a North Vancouver family for the safe return of their beloved chicken, Snowflake.
Two daughters and a mother were reunited online 40 years later thanks to a DNA kit and a Zoom connection despite living on three separate continents and speaking different languages.
Mother's Day can be a difficult occasion for those who have lost or are estranged from their mom.