Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»FinCEN alleges TD Bank failed to report suspicious cryptocurrency activity amid a $3 billion money laundering fine.
ADOPTION NEWS

FinCEN alleges TD Bank failed to report suspicious cryptocurrency activity amid a $3 billion money laundering fine.

By Crypto FlexsOctober 15, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
FinCEN alleges TD Bank failed to report suspicious cryptocurrency activity amid a  billion money laundering fine.
Share
Facebook Twitter LinkedIn Pinterest Email

The Financial Crimes Enforcement Network (FinCEN) has alleged that banking giant TD Bank failed to report suspicious activity from an anonymous group of customers handling international cryptocurrency transactions.

FinCEN found that over a nine-month period, TD Bank processed more than 2,000 transactions from a company known as “Customer Group C,” which it identified as “known to operate in the sales finance and real estate industries.” Customer Group C misrepresented its intended international remittance activity to TD Bank by stating that its annual revenue would not exceed $1 million. In fact, Customer Group C reportedly made over $1 billion worth of transactions through TD Bank.

Additionally, Customer Group C sourced 90% of its funds from UK-based cryptocurrency exchanges and sent 60% of its funds to Colombian financial institutions through digital asset-related services. Client Group C did not list Colombia as part of the jurisdictions it would deal with while joining TD Bank, and also continued to work with “high-risk industries and companies” in China and the Middle East.

“Despite the presence of numerous suspicious transactions and ‘red flags’ associated with high-risk jurisdictions and rapid movement of funds within a short period of time, TD Bank proactively identified this suspicious activity until after multiple law enforcement investigations of Customer Group C. failed to report to ,” FinCEN wrote in the report.

FinCEN added that while TD Bank has some written policies on digital asset transactions, “there is no evidence that the enhanced controls have been applied to its broader transactions with Customer Group C and virtual asset service providers.”

On October 10, TD Bank pleaded guilty to violating the Bank Secrecy Act and money laundering and will be fined $1.8 billion, according to the U.S. Department of Justice. FinCEN also fined TD Bank $1.3 billion and imposed a four-year surveillance order for the same violations. The $3.09 billion has been called “the largest fine ever levied by the BSA.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Eigenlayer starts the redistribution function in testnets

June 6, 2025

Vortex uses NVIDIA Jetson to innovate medical imaging with CT-similar ultrasound.

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

Eigenlayer starts the redistribution function in testnets

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Vortex uses NVIDIA Jetson to innovate medical imaging with CT-similar ultrasound.

June 6, 2025

2025 Best Free Cloud Mining

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Analyst Michaël Van de Poppe says Bitcoin is getting higher.

June 6, 2025

Does Ethereum start their business? MorningStar Candlestick Pattern tells the story

June 6, 2025

Solana’s Journey: Promotion of Challenge, Innovation and Speed

June 6, 2025

Ether Leeum’s imminent brake out in major chart patterns

June 6, 2025

Bittensor increases rapidly after 118 subnets in the $ 1,000 TAO price guess.

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Eigenlayer starts the redistribution function in testnets

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025
Most Popular

Whales Secure 30 Million XRP As Ripple Launches RLUSD Stablecoin

December 18, 2024

Gemini Earn to begin returning customers’ cryptocurrency by the end of this month as court approves Genesis bankruptcy

May 18, 2024

Cryptocurrency Market Weekly Winners and Losers – ORDI, STX, TIA, LDO

June 9, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.