FinCEN reveals TD Bank’s suspicious crypto trading activities with Customer Group C.
TD Bank facilitated over $420 million to a bank offering crypto services in Columbia through Customer Group C.
A concerning pattern in Customer Group C’s activities involved monthly wire transfers of more than $100M.
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 “Customer Group C” 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 (DOJ) 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 FinCEN Investigates TD Bank for Suspicious Crypto Trading appeared first on Coin Edition.
