Crypto Scandal: FinCEN Slams US Banking Giant with $3B Penalty—What Went Wrong?

Quick Summary:

TD Bank, one of the largest financial institutions in the US, has come under intense crypto scrutiny after being hit with the largest penalty ever imposed under the Bank Secrecy Act (BSA).The $3.09 billion fine stems from allegations of failing to report suspicious activities, including significant cryptocurrency-related transactions.

As of last week Thursday (October 10), TD Bank pled guilty to violating the Bank Secrecy Act and money laundering laws.

According to FinCEN’s findings, the banking giant processed over 2,000 transactions for Customer Group C in just nine months.

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Article Details

Author / Journalist: Samuel Edyme

Category: Crypto

Markets: HungaryChinaColombia

Topics: Crypto Crypto Market TD Bank Bank and Crypto Crypto News Cybercrime BTCUSDT US Bank

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-16 @ 15:00:34 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 425 words

Reading Time: 3 minutes read

Sentences: 32 lines

Sentence Length: 14 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 23089997

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About Bitcoinist

Main Topics: Crypto

Official Website: bitcoinist.com

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Year Established: 2014

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News Last Updated: 12 hours ago

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Publisher ID: #105

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