Norway Wealth Fund Puts TD Under Observation After Scandal

Norway’s $1.9 trillion sovereign wealth fund put Toronto-Dominion Bank under observation for four years as the Canadian lender works to improve controls and culture, following a historic money laundering settlement.

TD Bank last year pleaded guilty to failures in the prevention of money laundering, agreeing to pay almost $3.1 billion in fines and other penalties. US Prosecutors said the bank failed for a decade to root out suspicious activities as required under the Bank Secrecy Act.