TD Bank is reportedly working to select compliance monitors to track and report progress on risks and controls to regulators, as directed by the U.S. government in October.

As the bank works through this process, U.S. CEO Leo Salom told staff at a town hall this month that TD Bank is committed to fixing its anti-money laundering (AML) and risk controls, that this is its top priority and that it is means to do this, Reuters reported on Monday (Nov 25), citing unnamed sources.

Reached by PYMNTS, a TD Bank spokesperson pointed to the bank’s Oct. 10 resolution announcement that confirmed its AML cleanup will include a monitor and said the bank has no further updates at this time.

According to the Reuters report, the bank spent $500 million this year to improve its compliance programs, add training programs and hire several key executives.

U.S. regulators and authorities said on Oct. 10 that TD Bank Group and certain of its U.S. subsidiaries have consented to orders and entered into settlement agreements related to previously disclosed investigations into the U.S. Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance programs ). .

On that day, the Justice Department said that TD Bank NA (TBNA) and its parent company TD Bank US Holding Co. (TDBUSH) resolved the Justice Department’s investigation by pleading guilty and agreeing to pay more than $1.8 billion in fines; the Office of the Comptroller of the currency (OCC) has announced a cease and desist order and a civil monetary penalty of $450 million against TBNA and TD Bank USA, limiting the bank’s growth and requiring it to remedy the deficiencies in a timely manner; and the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said it has imposed a $1.3 billion fine on TBNA and TD Bank USA, N.A.

Alan MacGibbon, chairman of the board of directors of TD Bank Group, said the bank’s U.S. operations did not have an adequate AML program, saying at the time: “The board has and continues to take action to address these failures and to hold those responsible to account.”

On Friday (November 22), TD Bank Group announced two more changes to its senior executive team, appointing its senior vice president, controller and chief accountant, Michelle Myers, as Global Chief Auditor, effective December 9, and its deputy chief of the US. auditor, Keith Lam, as acting chief US auditor.