TD Bank CEO says AML probe still ongoing, addressing weakness

TORONTO, April 18 (Reuters) - TD Bank CEO Bharat Masrani said on Thursday the bank was working on its anti-money laundering (AML) compliance program, acknowledging that it was not up to the mark, and that the U.S. Justice Department's probe was still ongoing.

"We are in discussions with our regulators. Regretfully, our AML program was not where it needed to be, and we are addressing it," Masrani told shareholders at TD's annual meeting.

"We are working diligently to strengthen our program. We have onboarded globally recognized talent and leadership, and invested in technology, process redesign, training, and other activities," he said.

Masrani said he could not disclose any additional details given the confidential nature of regulatory discussions.

TD Bank last year had said it expects fines and "non-monetary" penalties related to investigations by U.S. authorities, including in connection with an investigation by the U.S. Department of Justice. (Reporting by Nivedita Balu in Toronto; Editing by Chizu Nomiyama)