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U.S. Treasury Dept says settlement reached over TD Bank’s sanctions violations -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A Toronto Dominion Bank logo is displayed at a Toronto branch on March 6, 2014. REUTERS/Aaron Harris/File Photo

(Reuters) – The U.S. Treasury Department reached a $115,000 settlement in two cases involving TD Bank NA and its subsidiary TD Bank NA, for alleged violations of North Korean sanctions and narcotics kingpin.

According to the Treasury Department, both violations were disclosed voluntarily and weren’t egregious.

According to the Treasury Department, in one instance the bank handled transactions for the North Korean mission and managed accounts without having to obtain a license from Treasury’s Office of Foreign Assets Control.

In the second, accounts were opened by the bank for an American resident listed on OFAC’s List of Specially Designated Nationals or Blocked Persons.

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