OCC ordered TD Bank to pay $450 million and halt growth over anti-money-laundering failures

On Oct. 10, 2024, the Office of the Comptroller of the Currency issued a cease-and-desist order against TD Bank, N.A. for Bank Secrecy Act failures, assessing a $450 million civil penalty and imposing a growth restriction, according to the OCC. I see the growth cap as the bite: it limits new lending until regulators clear fixes.