01:11 PM EDT, 05/02/2024 (MT Newswires) -- (Updated to include that the fine is largest ever levied by the Financial Transactions and Reports Analysis Centre of Canada.)

Toronto-Dominion Bank ( MLWIQXX ) was fined 9.2 million Canadian dollars ($6.7 million) on April 9 for non-compliance with Part 1 of the Canada's Proceeds of Crime (Money Laundering) and Terrorism Financing Act, the Financial Transactions and Reports Analysis Centre of Canada announced Thursday.

The monetary penalty is the largest ever levied by Fintrac, an agency spokesperson confirmed via email.

The bank failed to submit suspicious transaction reports, assess and document money laundering/terrorist activity financing risks, implement prescribed special measures for high risk, conduct ongoing monitoring of business relationships, and maintain records of monitoring measures and obtained information, Fintrac added.

The regulator said fine was issued after a compliance examination in 2023.

"As part of their regular review of Canadian financial entities, Fintrac identified five specific administrative findings that require our attention." a Toronto-Dominion spokesperson said in an email to MT Newswires. "Improvements have been made and more are underway."

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