TD Bank has agreed to plead guilty to violating the Bank Secrecy Act (BSA) and to forfeit $1.8 billion, the US Department of Justice (DOJ) announced on Thursday. The Financial Crimes Enforcement Network (FinCEN) also fined TD Bank $1.3 billion and imposed a four-year probationary period. According to a report by FinCEN, TD Bank failed to report suspicious cryptocurrency transactions by an anonymous corporate client. The bank processed over 2,000 transactions for the corporate customer, with a value exceeding $1 billion. The anonymous company falsely reported to TD Bank that its annual revenue was less than $1 million, while during the contract period it was involved with high-risk entities in the Middle East and China. Despite dealings with a high-risk jurisdiction and rapid movement of funds over a short period of time, TD Bank failed to report this to the authorities. The DOJ said that TD Bank's failure to report these suspicious transactions was a "willful violation" of the BSA. The bank has agreed to implement a comprehensive compliance program to address the deficiencies that led to this violation. This case highlights the importance of banks complying with their obligations under the BSA to report suspicious activity. Banks play a critical role in preventing money laundering and other financial crimes.