"This is a priority for the bank, and we take our responsibility seriously to live up to our high standards. We will continue to mobilize the required resources to strengthen our capabilities," he said on a first-quarter earnings conference call Thursday.
The bank is accelerating investments in its risk and control environment and has hired hundreds of colleagues in these areas over the past two quarters, said Masrani.
"In short, we know what the [anti-money laundering] issue is, and we are making progress in fixing it every day. I look forward to providing further updates as soon as I can."
The bank disclosed last August that it expects
There have also been media reports that issues with its anti-money laundering program are a key reason why it had to abandon its
TD's ramp-up of compliance measures come as Canadian authorities are also increasing scrutiny of banks on the issue.
The Financial Transactions and
TD is ramping up hundreds of millions of dollars of annual spending to address its shortcomings.
Much of the bank's expected savings from a restructuring, which included cutting about three per cent of staff, will likely end up going to the fix, said chief financial officer
"The savings that are coming out of this restructuring program — we expect savings of
The restructuring efforts themselves cost the bank about
Overall, the bank reported a first-quarter profit of
The bank said the profit amounted to
Revenue totalled
TD's provisions for credit losses for the quarter amounted to
On an adjusted basis, TD says it earned
Analysts on average had expected a profit of
This report by The Canadian Press was first published
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