ChainCatcher news, according to The Block, the Financial Crimes Enforcement Network (FinCEN) has accused banking giant TD Bank of failing to report suspicious activities involving an unnamed group of clients engaged in international cryptocurrency transactions.FinCEN stated that TD Bank processed over 2,000 transactions for a company referred to as "Client Group C" within nine months, which was identified as "allegedly engaged in sales in the financial and real estate sectors." Client Group C misrepresented its planned international wire activities to TD Bank, claiming that its annual sales would not exceed $1 million. In fact, Client Group C allegedly conducted over $1 billion in transactions through TD Bank. Furthermore, 90% of Client Group C's funds came from a UK cryptocurrency exchange, and 60% of the funds flowed to financial institutions in Colombia providing digital asset-related services. Client Group C did not list Colombia as one of the jurisdictions it intended to deal with while working with TD Bank and continued to engage with "high-risk industries and companies" in regions such as the Middle East.Previous news reported that TD Bank became the first bank in the U.S. to admit to conspiracy to launder money, resulting in a $3 billion fine.

ChainCatcher news, last week, U.S. Attorney General Merrick B. Garland announced in Washington that one of America's largest financial institutions, TD Bank, pleaded guilty to multiple felony charges, including conspiracy to violate the Bank Secrecy Act and money laundering.In a statement, Garland confirmed that TD Bank agreed to pay a criminal fine of $1.8 billion, along with civil enforcement actions, bringing the total fines against the bank to approximately $3 billion. He noted that this resolution includes "the largest fine ever imposed under the Bank Secrecy Act, and it is the first time the Department of Justice has assessed daily fines against a bank."The bank is the largest in U.S. history to admit to violating the Bank Secrecy Act and is also the first to admit to conspiracy to commit money laundering. The Department of Justice emphasized the bank's compliance failures, which created an environment for rampant financial crime.