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- FinCEN reveals TD Financial institution’s suspicious crypto buying and selling actions with Buyer Group C.
- TD Financial institution facilitated over $420 million to a financial institution providing crypto companies in Columbia by way of Buyer Group C.
- A regarding sample in Buyer Group C’s actions concerned month-to-month wire transfers of greater than $100M.
The Monetary Crimes Enforcement Community (FinCEN) is investigating Toronto-Dominion Financial institution (TD Financial institution), the sixth-largest financial institution in North America, for potential involvement in suspicious cryptocurrency buying and selling actions. The investigation revealed TD Financial institution’s ties with an unknown entity known as “Buyer Group C” and its failure to reveal these actions.
This probe is a part of a broader investigation that led to TD Financial institution receiving a $3 billion penalty for anti-money laundering (AML) failures. The US Division of Justice (DOJ) fined TD Financial institution $3.09 billion for failing to observe a good portion of its transactions, leaving 92% of its complete transaction quantity unchecked between January 1, 2018, and April 12, 2024.
The DOJ mentioned the financial institution “intentionally selected to not monitor” these transactions and had “long-term, pervasive, and systemic deficiencies” in its AML insurance policies and procedures.
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The DOJ’s investigation and subsequent penalty revealed the financial institution’s reference to two unknown cryptocurrency corporations in Colombia and the UK. Based on FinCEN, TD Financial institution despatched over $420 million to a financial institution providing crypto companies in Colombia, a high-risk jurisdiction, by way of Buyer Group C.
FinCEN recognized a regarding sample in Buyer Group C’s actions that concerned month-to-month wire transfers of greater than $100 million. These transfers facilitated third-party crypto buying and selling with ties to high-risk sectors and international locations equivalent to Colombia, China, and the Center East.
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From July 2023 to April 2024, Buyer Group C’s transactions exceeded $1 billion. Whereas 90% of the transactions had been linked to an unnamed UK-based crypto change, 60% of the outflows went to an unnamed Colombian financial institution. FinCEN additionally recognized the group’s affiliation with a global crypto change. Whereas the platform stays undisclosed, the company acknowledged that Buyer Group C obtained over $650 million from the agency.
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