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Concern Over TD Anti-Money-Laundering Practices Helped Scuttle First Horizon Deal

TD Bank's anti-money-laundering practices led to regulators' refusal to approve its $13.4 billion bid to buy First Horizon.

May 8, 2023 . 7:30 PM

1 min read

TD Bank's handling of suspicious transactions led to regulators' refusal to approve its $13.4 billion bid for First Horizon.
The Office of the Comptroller of the Currency and the Federal Reserve were concerned about TD's anti-money-laundering practices.
Under the Bank Secrecy Act, financial firms must report suspicious activity within 30 days of discovery.
TD had pledged to make its anti-money-laundering policies more comprehensive and timely.
Regulators' concerns about TD's practices are the latest in a series of regulatory and legal difficulties the bank has had in the U.S.