"We are in discussions with our regulators. Regretfully, our AML program was not where it needed to be, and we are addressing it," Masrani told shareholders at TD's annual meeting.
"We are working diligently to strengthen our program. We have onboarded globally recognized talent and leadership, and invested in technology, process redesign, training, and other activities," he said.
Masrani said he could not disclose any additional details given the confidential nature of regulatory discussions.
TD Bank last year had said it expects fines and "non-monetary" penalties related to investigations by U.S. authorities, including in connection with an investigation by the U.S. Department of Justice.
