The Office of the Comptroller of the Currency (OCC) today announced a cease and desist order and a $450 million civil money penalty against TD Bank, N.A. and TD Bank USA, N.A. (bank), for deficiencies in the bank’s Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program. Today’s action also imposes a restriction on the growth of the bank and a measure designed to ensure that the bank invests sufficient resources to remediate its BSA/AML deficiencies in a timely manner.
TD Bank’s American unit is reportedly set to plead guilty to anti-money laundering failures. The Toronto-based bank is expected to pay a roughly $3 billion penalty and agree to limits on its growth in the U.S. as part of the plea deal, the Wall Street Journal (WSJ) reported late Wednesday (Oct. 9).
A California federal court has denied class certification where questions existed about the use of the plaintiff’s phone number for business. Christopher Payne filed a putative class action against Sieva Networks, alleging that the company sent unsolicited telemarketing text messages to consumers whose residential phone numbers are registered on the National Do Not Call (DNC) Registry.
Fidelity Investments, one of the world’s largest asset managers, has confirmed that 77,000 customers had personal information compromised during an August data breach. The Boston, Mass.-based investment firm said in a filing with Maine’s attorney general on Wednesday that an unnamed third party accessed information from its systems between August 17 and August 19 “using two customer accounts that they had recently established.”
Once again, California is flexing its market power by taking bold and wide-ranging legislative action to regulate the use and deployment of artificial intelligence ("AI") systems. In 2024, the California ("CA") Legislature was particularly active in developing and passing dozens of AI-related bills that aim to impose wide-ranging obligations ranging from safety, consumer transparency measures, reporting requirements, clarification of privacy safeguards, protections for performers and deceased celebrities, and election integrity measures.
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