TechFlow news, October 14 — According to Cointelegraph, the U.S. Financial Crimes Enforcement Network (FinCEN) reported that TD Bank has agreed to pay over $3 billion in penalties and accept restrictions on its U.S. business growth due to failures in effectively monitoring money laundering activities.
The report revealed that TD Bank processed more than $1 billion in transactions for an unidentified entity known as "Client Group C." Over 90% of the funds involved in these transactions originated from a UK-based cryptocurrency exchange, while over 60% of outgoing transactions were directed to a Colombian financial institution offering virtual asset-related services.
FinCEN noted that "Client Group C" conducted an average of over $100 million in wire transfers monthly, primarily appearing to facilitate third-party cryptocurrency transactions involving "high-risk" regions such as Colombia, China, and the Middle East. TD Bank processed $650 million in transactions from international cryptocurrency trading platforms for this client group, yet remained unaware of the sources of funds or the ultimate beneficial owners.
