(Reuters) – Canada’s banking regulator has ordered Toronto-Dominion Bank to repair the nerve centre for its risk controls, The Globe and Mail said on Wednesday.
The Office of the Superintendent of Financial Institutions (OSFI) identified deficiencies with the bank’s Regulatory Compliance Management program during a recent assessment, the Canadian newspaper reported, citing two people familiar with the matter.
Some of the weaknesses detected in OSFI’s evaluation of TD Bank involve the bank’s anti-money-laundering controls, the two sources told Globe and Mail.
“We continuously enhance our risk management practices, such as our RCM program, to adapt to the increasingly complex environment in which banks operate,” a TD spokesperson said in an emailed statement, while calling the report misrepresentative of its interactions with Canadian regulators.
The OSFI did not immediately…
