Canadian bank takes US$450mil hit in money-laundering probe

Canada’s second-largest bank cautioned that the full cost of the fines it might eventually face is “unknown and not reliably estimable at this time”. —Bloomberg

TORONTO: Toronto-Dominion Bank has taken an initial provision of US$450mil in connection with US investigations into its anti-money laundering practices, and says it expects additional penalties to follow.

Canada’s second-largest bank disclosed the charge in a statement after markets closed.