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TD Bank failed to disclose ‘suspicious’ crypto transactions tied to unnamed customer group 

Author: Content Editor
TD Bank, a traditional finance bank, has been found to have failed to disclose suspicious activity related to cryptocurrency transactions as part of a FinCEN investigation into the bank's adherence to anti-money laundering laws. The investigation discovered that TD Bank processed transactions for an unknown entity called "Customer Group C," which involved the facilitation of over $420 million to a cryptocurrency service provider in the high-risk jurisdiction of Colombia. The order also revealed that Customer Group C engaged in over $100 million in wire transfers per month, primarily involving third-party cryptocurrency trading and high-risk industries and jurisdictions. TD Bank processed these transactions without applying clear controls applicable to customers dealing in cryptocurrency. The bank only disclosed the activity after receiving multiple law enforcement inquiries. TD Bank recently pleaded guilty to AML violations and paid a fine of $3 billion, with $1.3 billion going to FinCEN.

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