01:47 PM EDT, 10/10/2024 (MT Newswires) -- Toronto-Dominion Bank ( MLWIQXX ) was fined $123.5 million by the Federal Reserve Board for violating anti-money laundering laws, the board said Thursday.

The central bank's governing body also required the bank to implement enhanced measures to comply with anti-money laundering laws and to address its risk management deficiencies.

The Office of the Comptroller of the Currency separately issued a cease and desist order and assessed a $450 million civil money penalty against TD Bank and TD Bank USA for deficiencies in the Bank Secrecy Act and anti-money laundering programs. The watchdog also directed the banks to invests sufficient resources to remediate its deficiencies.

The company told MT Newswires that it will be hosting a conference call on Thursday and will issue a press release prior to that.

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