TD Bank Fined $1.8 Billion for Failing to Report Suspicious Cryptocurrency Transactions

• The Financial Crimes Enforcement Network (FinCEN) alleges that TD Bank failed to report suspicious activity from an unnamed customer group involved in international cryptocurrency transactions.
• TD Bank processed over 2,000 transactions from "Customer Group C," misrepresenting their activity and processing over $1 billion in transactions.
• Customer Group C received 90% of its funds from a UK-based crypto exchange and sent 60% of its funds to Colombian financial institutions.
• TD Bank failed to proactively report the suspicious activity until receiving multiple law enforcement inquiries.
• TD Bank pleaded guilty to Bank Secrecy Act violations and money laundering, agreeing to pay $1.8 billion in penalties.
• FinCEN imposed a $1.3 billion penalty and a four-year monitorship against TD Bank for the same violations.

Summary :
TD Bank has been accused by the Financial Crimes Enforcement Network (FinCEN) of failing to report suspicious activity related to international cryptocurrency transactions. According to FinCEN, TD Bank processed over 2,000 transactions from a customer group known as "Customer Group C," which misrepresented its intended wire activity and conducted over $1 billion in transactions through the bank. The funds were sourced from a UK-based crypto exchange and sent to Colombian financial institutions, among others. TD Bank did not proactively report the suspicious activity until it received inquiries from law enforcement. As a result, TD Bank has pleaded guilty to Bank Secrecy Act violations and money laundering and will pay $1.8 billion in penalties. FinCEN has also imposed a $1.3 billion penalty and a four-year monitorship against the bank. This is the largest penalty ever imposed under the Bank Secrecy Act.

Sources :

- TheBlock
- Blockworks