<h4><strong>According to a <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">report</a> from the Financial Crimes Enforcement Network (FinCEN) on Oct. 10th, TD Bank’s U.S. wing agreed to pay over $3 billion in penalties. </strong></h4>
<p>The fine was for failing to properly monitor money laundering activities. The bank has also accepted limits on its future growth in the U.S. <a href="https://www.fincen.gov/" target="_blank" rel="noopener noreferrer nofollow">FinCEN</a> found that TD Bank facilitated over $1 billion in transfers linked to two crypto exchanges — one based in the United Kingdom and the other in Colombia.</p>
<h5><strong>TD Bank fined $3B for Crypto Exchange Links in UK &amp; Colombia</strong></h5>
<p>These transactions were conducted through a mysterious customer, referred to as “Customer Group C,” who claimed to work in finance and real estate. However, most of the money handled by this group was tied to high-risk crypto trading.</p>
<p>The report revealed that 90% of the incoming funds for Customer Group C came from the UK <a href="https://www.altcoinbuzz.io/?s=crypto+exchange" target="_blank" rel="noopener noreferrer nofollow">crypto exchange</a>, and 60% of the outgoing transfers were wired to a Colombian financial institution offering virtual asset services.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Yep, there’s a crypto angle to the TD Bank scandal.</p>
 <p>It hasn’t hit the crypto press yet, but a big chunk of TD’s $1.3 billion fine for violating the Bank Secrecy Act comes from its dealings with shady crypto exchanges in the UK and Colombia.</p>
 <p>(via TD’s consent order with FinCEN) <a href="https://t.co/WZmU3JLBK5" rel="noopener noreferrer nofollow">pic.twitter.com/WZmU3JLBK5</a></p>
 <p>— John Paul Koning (@jp_koning) <a href="https://twitter.com/jp_koning/status/1845804856625308055?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 14, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>FinCEN also noted that Customer Group C averaged over $100 million in monthly wire transfers, many of which were routed through risky regions like Colombia, China, and parts of the Middle East. These areas are often flagged for potential money laundering activities, which made TD Bank’s lack of oversight even more concerning.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">BREAKING NEWS<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>
 <p>TD BANK WAS FINED $3 BILLION FOR ENABLING DRUG MONEY LAUNDERING WHICH IS THE LARGEST PENALTY OF ITS KIND IN US HISTORY</p>
 <p>HOWEVER TD PROFITED $10 BILLION FROM MONEY LAUNDERING AND AFTER THE DOJ FINE STILL NETTED $7 BILLION</p>
 <p>NO CHARGES WERE GIVEN TO ANYONE…<a href="https://twitter.com/search?q=%24SPY&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SPY</a> <a href="https://t.co/bHqjx4yPVD" rel="noopener noreferrer nofollow">pic.twitter.com/bHqjx4yPVD</a></p>
 <p>— Mike Investing (@MrMikeInvesting) <a href="https://twitter.com/MrMikeInvesting/status/1845987115424752088?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 15, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>This case serves as a reminder that even well-established banks can get caught up in shady business. They must stay on top of monitoring to avoid such situations. TD Bank’s hefty fine is proof that when it comes to financial crimes, you can’t sweep things under the rug.</p>
<p>As the crypto world grows, banks and financial institutions must closely monitor transactions. The idea is to avoid being blindsided by fraud or illegal activity.</p>
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<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/td-bank-fined-for-crypto-ties-with-uk-and-colombia/" rel="noopener noreferrer nofollow">TD Bank Fined for Crypto Ties with UK and Colombia</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

TD Bank Fined for Crypto Ties with UK and Colombia

Altcoin Buzz

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