ChainCatcher reported that according to Cointelegraph, the U.S. Financial Crimes Enforcement Network (FinCEN) released a report stating that TD Bank agreed to pay more than $3 billion in fines and accept restrictions on the growth of its business in the United States for failing to effectively monitor money laundering activities.
The report shows that TD Bank processed more than $1 billion in transactions for an unknown entity known as "Client Group C." More than 90% of the funds in these transactions came from a British cryptocurrency exchange, and more than 60% of the outgoing transactions flowed to a Colombian financial institution that provides virtual asset-related services.
FinCEN noted that “Customer Group C” averaged more than $100 million in wire transfers per month, most of which appeared to facilitate third-party cryptocurrency transactions involving “high-risk” regions such as Colombia, China and the Middle East. TD Bank processed $650 million in transactions from international cryptocurrency trading platforms for this customer group, but did not know the source of the funds or the ultimate beneficiaries.