As part of ongoing discussions with a U.S. regulatory body about an investigation into money laundering and possible penalties, Canadian bank TD said last Tuesday that it had established an initial provision of 450 millions of dollars.

TD Bank revealed last year that it was cooperating with authorities as part of an investigation by the U.S. Department of Justice into its anti-money laundering program. The bank said the provision does not reflect the final overall amount of potential monetary penalties, nor non-monetary penalties “which are unknown and whose estimate is not reliable at this time.” The company said in a statement that “TD Bank's anti-money laundering program has failed to effectively monitor, detect, report, or respond to suspicious activity. Work has been undertaken to address these shortcomings.”