- TD Bank's handling of suspicious customer transactions was behind regulators' refusal to allow the $13.4B acquisition of First Horizon.
- Regulators were concerned about TD Bank's anti-money laundering practices and the speed at which some unusual transactions were reported.
- TD Bank flagged 28 customer transactions but regulators were not satisfied with the bank's anti-money laundering policies.
- TD Bank pledged to make its policies more comprehensive and timely but it wasn't enough to win approval for the deal.
- This is the latest in a series of regulatory and legal difficulties TD Bank has had in the US in recent years.
Concern Over TD Anti-Money-Laundering Practices Helped Scuttle First Horizon Deal
Banks abandoned $13.4 billion acquisition over unspecified regulatory-approval hurdles
Justin Baer and Vipa
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