TD Bank sets aside $2.6 bln more for US anti-money laundering penalties, lowers Schwab stake

Canada’s TD Bank Group (TD.TO), opens new tab said it would set aside $2.6 billion more for penalties related to U.S. regulatory probes into deficiencies in its anti-money laundering program and it would sell part of its stake in Charles Schwab (SCHW.N), opens new tab to offset the financial impact.

In anticipation of a global resolution to the anti-money laundering (AML) probes by year-end, which will include monetary and non-monetary penalties, the lender has now set aside a total of over $3 billion, including a $450 million provision it took in April.