At TD Bank, we value our customers deeply. That's why I want to address you directly about TD's anti-money laundering matters.
Our failures were unacceptable, and TD has taken full responsibility. As a financial institution, we are legally and morally obligated to thwart the illegal activities of criminals trying to launder money through our systems, and we must – and will – strengthen our controls to stop them. As TD Bank's U.S. CEO, this is my number one priority.
Work has been underway for more than a year to remedy TD's anti-money laundering (AML) deficiencies. Thousands of colleagues are intensely focused on the critical work of strengthening and rebuilding our AML foundation. I have assembled a new leadership team and hired top experts with proven track records in stopping financial crimes. We are making important investments in technology, controls, process redesign and training. Our teams will work with our regulators to ensure we stay focused on this important work – and that we get it right.
Throughout this work, we will always be there for you. As a strong, well-capitalized bank, TD has the strength and flexibility to both fix our AML program and help customers and clients achieve their financial goals, without interruption, today and in the future.
People, institutions, and communities rely on TD, and we will continue to show up for you, whether we are financing your dreams, serving your community, or helping your small business get to the next level. Our customers and clients have high expectations of us, and we have even higher expectations of ourselves. We will admit when we fall short, and we will never stop striving to be better. We thank you for your trust and your business. We are dedicated to working every day to continue to earn both.
Sincerely,
Leo Salom