TD isn’t fixing its money laundering problem because of Canadian penalties, but because the US regulator wouldn’t put up with their shit:

It had become clear TD needed a new leadership team to usher in the sweeping changes required to fix its anti-money-laundering failures, which in October resulted in U.S. regulators announcing more than US$3-billion in fines by the Department of Justice and a host of non-monetary penalties that will carve deep trenches in the bank for years to come.

Money laundering has pushed up costs in our real estate sector and enabled the drug crisis. It’s bizarre that we haven’t done more to stop it.

https://www.theglobeandmail.com/business/article-td-bank-raymond-chun-ceo/