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TD Bank stock: Steer clear or buy the dip?

– moneysense.ca

TD Bank is making headlines for the wrong reasons and creating a potential buying opportunity for investors in the process.

Here’s what I know about TD Bank’s anti-money laundering troubles so far. Canada’s second-largest bank was loose in implementing the required checks and balances. It was so loose that Canadian regulator Fintrac issued TD a fine of $9.2 million—not much of a penalty for one of North America’s largest financial institutions. TD has already paid this fine.

However, depending on the results of an ongoing investigation by U.S. regulators as well as the Department of Justice into the bank’s ties to a USD$653-million money-laundering case involving fentanyl and Chinese criminal organizations, it’s been said that TD could be on the hook for up to USD$2 billion in fines and potentially be forced to curtail its growth strategy in U.S.

Over the past decade, TD has been on an acquisition spree south of the border, where it has grown into one of America’s 10 largest banks…

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