According to Foresight News, the U.S. Financial Crimes Enforcement Network (FinCEN) has accused banking giant TD Bank of failing to report suspicious activities from an anonymous group of international cryptocurrency traders. FinCEN revealed that TD Bank processed over 2,000 transactions within nine months for a company named 'Customer Group C,' which operates in the sales financing and real estate sectors.
Customer Group C had misrepresented its expected international wire transfer activities to TD Bank, claiming its annual sales would not exceed $1 million. In reality, Customer Group C allegedly conducted transactions exceeding $1 billion through TD Bank. The funds originated from a UK-based cryptocurrency exchange, with 60% of the money sent to Colombian financial institutions providing digital asset-related services. TD Bank did not report this suspicious activity until multiple law enforcement inquiries were made regarding Customer Group C.
According to the U.S. Department of Justice, on October 10, TD Bank pleaded guilty to violating the Bank Secrecy Act and money laundering regulations, agreeing to pay an $18 billion fine. Additionally, FinCEN imposed a $13 billion fine on TD Bank and implemented a four-year monitoring period to address the same violations. The total $30.9 billion penalty is described as the largest fine under the Bank Secrecy Act to date.
