Bank

April

Coin

<ul class="news-points wp-block-list">
 <li>FinCEN reveals TD Bank’s suspicious crypto trading activities with Customer Group C.</li>
 <li>TD Bank facilitated over $420 million to a bank offering crypto services in Columbia through Customer Group C.</li>
 <li>A concerning pattern in Customer Group C’s activities involved monthly wire transfers of more than $100M.</li>
</ul>
The Financial Crimes Enforcement Network (FinCEN) is investigating Toronto-Dominion Bank (TD Bank), the sixth-largest bank in North America, for potential involvement in suspicious cryptocurrency trading activities. The investigation revealed TD Bank’s ties with an unknown entity called “<a href="https://www.fincen.gov/sites/default/files/enforcement_action/2024-10-10/FinCEN-TD-Bank-Consent-Order-508FINAL.pdf" target="_blank" rel="noopener noreferrer nofollow">Customer Group C</a>” and its failure to disclose these activities.
This probe is part of a broader investigation that led to TD Bank receiving a $3 billion penalty for anti-money laundering (AML) failures. The US Department of Justice (<a href="https://coinedition.com/doj-crackdown-on-privacy-app-sparks-debate-on-digital-financial-privacy/" rel="noopener noreferrer nofollow">DOJ</a>) fined TD Bank $3.09 billion for failing to monitor a significant portion of its transactions, leaving 92% of its total transaction volume unchecked between January 1, 2018, and April 12, 2024.
The DOJ said the bank “deliberately chose not to monitor” these transactions and had “long-term, pervasive, and systemic deficiencies” in its AML po…
The post <a href="https://coinedition.com/fincen-investigates-td-bank-for-suspicious-crypto-trading/" rel="noopener noreferrer nofollow">FinCEN Investigates TD Bank for Suspicious Crypto Trading</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

FinCEN Investigates TD Bank for Suspicious Crypto Trading

Coin Edition

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