Largest-Ever BSA Fine: TD Bank Hit with $3B for Ignoring Crypto Red Flags

The post Largest-Ever BSA Fine: TD Bank Hit with $3B for Ignoring Crypto Red Flags appeared first on Coinpedia Fintech News

The Financial Crimes Enforcement Network (FinCEN) has hit TD Bank with over $3 billion in penalties for not reporting suspicious cryptocurrency transactions The penalties are the largest ever imposed under the Bank Secrecy Act. The bank approved more than 2,000 risky requests related to an unnamed Client Group C that was involved in crypto operations but reported another type of business. These monies were mainly sourced from a UK-based digital currency exchange platform and transferred to Colombian end banks. After they failed to act, the authority hit the bank with a massive fine and a compliance monitorship of four years.