COMPLIANCE
TD Bank Smacked with Penalties for Money Laundering Failures
The Canadian banking giant is facing massive penalties in the US for failures in its money laundering compliance.
TD Bank faces fines of $3 billion, growth limits to their US operations in the form of asset caps within the U.S. market.
The penalties are similar to what Wells Fargo is facing due their own compliance failures.
MARKETS
Germany Expects Economy to Shrink in 2024
The German economy ministry said last Wednesday that Germany’s economy is expected to contract by 0.2% in 2024.
This would mark the second year in a row the country’s economy has shrunk.
Germany would be the only member of the Group of 7 major industrial democracies to post shrinking output for two years in a row.
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