(Toronto) TD Bank CEO Bharat Masrani hopes to have more to say in the near future regarding the investigation into the bank’s anti-money laundering measures.
Masrani made the remarks as he met with shareholders Thursday at the annual general meeting, the first since the failed $13.4 billion takeover of First Horizon Bank and TD’s announcement that it expects to face sanctions linked to an investigation by U.S. regulators.
Mr Masrani said unfortunately the bank’s anti-money laundering program was not where it should have been and the bank was working hard to address these deficiencies.
He said he understands that shareholders want to know more about the investigation, in which the U.S. Department of Justice is participating, but because of confidentiality requirements he cannot provide more details or speculate on the update schedule.
Mr. Masrani noted that TD still has a significant presence and potential in the United States, even without the acquisition, including more retail locations than in Canada and ranking in the top three banks in the markets where it operates in the country.
Climate issues received the greatest support among shareholder resolutions, including nearly 29% in favor of a proposal for TD to provide more details on its transition plans, and 18% in favor of an advisory vote on environmental policies.