The Canadian Financial Intelligence Agency announced a fine of $9.2 million against TD Bank for failing to comply with anti-money laundering procedures, as well as funding terrorism. The bank itself is also facing compliance investigations in the United States.

The penalty includes a fine of $7.5 million against RBC and a fine of $1.3 million against CIBC, which was announced in December.

The agency, known as Fintrac, stated that it imposed the penalty on TD due to a number of failures, including the failure to report suspicious transactions when there were reasonable grounds to do so, failing to assess and document money laundering and terrorist financing risks, and the bank not taking the specific actions required for high-risk situations.

It is noteworthy that the penalty against TD Bank comes just days after the bank disclosed that it had set aside an initial provision of $450 million, related to the ongoing U.S. regulatory investigation into its anti-money laundering compliance program.