Civil Enforcement Information - Toronto-Dominion Bank

Date issued: Jan. 13 2017

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TURBOFAC Commentary (826 words)

Notes:

1) OFAC states that "TD Bank maintained several accounts for, and processed transactions to or through the United States on behalf of, a Canadian company owned by a Cuban company..." OFAC seems to suggest here that the mere "maintenance" of an account denominated in USD account could have constituted a violation of the CACR, but as an entity not "Subject to the Jurisdiction of the United States" within the meaning of 515.329 of the CACR, it is not clear what if any basis there would be for this determination (compare Civil Enforcement Information (FOV) - Compass Bank (3rd action) (2017) and MasterCard International Incorporated (2016)). The jurisdictional hook for penalizing U.S. banks that maintain accounts for blocked persons is that the maintenance of the account is a service, and the jurisdictional hook for penalizing non-U.S. banks processing...