TD Bank's recent issues may be linked to two undisclosed cryptocurrency firms in Colombia and the UK. In a settlement on Oct. 10, TD Bank's US branch agreed to pay over $3 billion in fines and face restrictions on its US expansion due to failures in monitoring money laundering by criminal organizations. A report from the Financial Crimes Enforcement Network revealed that over $1 billion in TD Bank's transfers were connected to these two crypto firms. The transactions were carried out by a firm known as 'Customer Group C,' involved in sales finance and real estate. This customer group conducted monthly wire transfers exceeding $100 million, mainly for third-party cryptocurrency trading in high-risk regions like Colombia and China. Despite discrepancies in onboarding documentation, TD Bank processed transactions totaling over $650 million for 'Customer Group C,' including transfers to a crypto service provider in Colombia. TD Bank briefly entered the crypto market through TD Cowen's digital unit, which was later closed without explanation in June 2023. Read more AI-generated news on: https://app.chaingpt.org/news