TD Bank feels heat from Iranian-Canadians

The side effects of the controversy surrounding the British bank Standard Chartered’s alleged involvement in laundering money for Iran are being felt right here in Canada.

This weekend, TD Bank Group found itself in the middle of a row for deciding to close the accounts of some Iranian-Canadian clients, reports the Toronto Star.

Read: Standard Chartered settles for $340 mil

On Saturday, over 40 people, many of whom are new immigrants, staged a peaceful demonstration in front of the TD Bank building at Yonge St. and Finch Ave.

The bank’s decision is said to result from Canada’s economic sanctions against Iran. And while the bank duly informed its customers with ties to Iran about the move, customers contend it failed to offer a proper explanation.

Read: U.S. probes RBS on Iran

Standard Chartered recently reached a $340 million settlement with New York’s financial regulator to resolve an investigation into whether the British bank schemed with the Iranian government to launder $250 billion from 2001 to 2007. An investigation is also under way into Royal Bank of Scotland’s possible violations of sanctions against Iran.

Read: Penalties & fines cost HSBC $2 billion

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.