TD Takes $450 Million Provision in US Money-Laundering Probe (2)

Toronto-Dominion Bank has taken an initial provision of $450 million in connection with US investigations into its anti-money laundering practices, and said it expects additional penalties to come.

Canada’s second-largest bank disclosed the charge in a statement Tuesday after markets closed. It cautioned that the full cost of the fines it might eventually face is “unknown and not reliably estimable at this time.”

Toronto-Dominion is in discussions with three US regulators plus the Department of Justice to settle the matter. The $450 million provision is related to talks with just one of those regulators.

Analysts have previously estimated ...