US FinCEN accuses TD Bank of failing to report suspicious cryptocurrency activity involving $3 billion in money laundering

According to BlockBeats, on October 15, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) accused banking giant TD Bank of failing to report suspicious activities involving international cryptocurrency transactions by a group of anonymous customers.

FinCEN said TD Bank processed more than 2,000 transactions over a nine-month period from a company called “Customer Group C,” which was described as “purportedly engaged in sales of financial and real estate industry operations.” Customer Group C misrepresented its planned international wire activity to TD Bank, claiming that its annual sales would not exceed $1 million. In reality, Customer Group C allegedly conducted more than $1 billion in transactions through TD Bank.

In addition, client group C received 90% of its funds from a UK-based cryptocurrency exchange and transferred 60% of its funds to financial institutions in Colombia that provided services related to digital assets. (The Block)