FinCEN accuses TD Bank of failing to report suspicious crypto activity, faces $3 billion money laundering fine

The Financial Crimes Enforcement Network (FinCEN) has accused banking giant TD Bank of failing to report suspicious activity from an anonymous group of customers engaged in international cryptocurrency transactions. FinCEN said TDBank processed more than 2,000 transactions over a nine-month period from a company called "Customer Group C" (allegedly engaged in sales financing and the real estate industry). Customer Group C falsely reported its anticipated international telegraphic transfer activity to TD Bank, saying its annual sales would not exceed $1 million. In fact, Customer Group C allegedly conducted more than $1 billion in transactions through TD Bank.
On Oct. 10, TD Bank pleaded guilty to violating the Bank Secrecy Act and money laundering, and agreed to pay a $1.80 billion fine, according to the Department of Justice. In addition, FinCEN fined TDBank $1.30 billion and placed it under four-year monitoring for the same violations. The $3.09 billion was described as "the largest fine under the Bank Secrecy Act to date."