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07/20/12

Iranian Canadian Congress Releases Statement Regarding Its Meeting with TD Bank

Press Release by Iranian Canadian Congress (ICC)

Members of the Iranian Canadian Congress ("ICC") met today with Tim Hockey, President & CEO of TD Canada Trust to discuss the bank's recent decision to close the accounts of a number of members of the Iranian-Canadian community. During the hour-long frank exchange, the ICC conveyed the concerns and distress recently expressed by many community members.

In response to ICC concerns, TD indicated that it now better understands the difficulties caused for the Iranian-Canadian community and that it will address the issue more seriously in the future. TD stated that it will contact former account holders whose accounts were closed for reasons related to sanctions and who did not respond to previous outreach, and will seek more information to assess whether initial decisions were made correctly. It will also engage in increased community outreach.

"We believe that the meeting was a productive first step in restoring trust between TD and the Iranian-Canadian community," said Kaveh Shahrooz, ICC's Vice President. "While we will discuss the implementation with community members over the next few weeks, TD's decision to contact former account holders is a positive development." Shahrooz added: "We recognize that TD operates in a complex regulatory environment, but believe it is imperative that customers who have not violated Canadian laws are not harmed."

The ICC will continue to work with TD and members of the Iranian-Canadian community to better protect the rights of community members.

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