04:31 PM EDT, 04/18/2024 (MT Newswires) -- Toronto-Dominion Bank ( MLWIQXX ) chief executive officer Bharat Masrani pleaded with shareholders for patience on the probe by U.S. regulators into the lender's anti-money laundering practices as the investigation stretches into its second year, The Globe and Mail newspaper is reporting Thursday.

It noted Masrani fielded questions at the company's annual meeting from frustrated shareholders, who asked about the status of a lengthy probe by U.S. regulators that derailed the bank's takeover of Tennessee-based First Horizon Corp. last spring.

Masrani said he still cannot provide further details on the investigation as the bank is working on addressing the concerns from U.S. regulatory and law-enforcement agencies.

Last year, the report noted, TD said that it expects to face fines or other penalties stemming from probes by regulators and law-enforcement agencies, including the U.S. Department of Justice, related to its anti-money laundering practices. Some analysts have estimated that the fine could range from US$500-million to US$1-billion.

The probe, the report also noted, drove the derailment of TD's acquisition of Tennessee-based First Horizon Corp., a takeover that would have significantly accelerated TD's growth ambitions in the U.S.

The bank's efforts to remediate its anti-money laundering processes are weighing heavily on its balance sheet, the report said, noting that last year TD said it expects to post an adjusted net loss of $200-million to $250-million per quarter this year in its internal corporate segment, driven by investments in its risk and control infrastructure.

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