TD Bank’s recent financial troubles may be linked to two unnamed cryptocurrency firms based in Colombia and the United Kingdom. On October 10, TD Bank’s U.S. branch agreed to pay over $3 billion in penalties and accepted limitations on its U.S. growth, settling charges related to improper monitoring of money laundering activities tied to criminal organizations. According to a report by the Financial Crimes Enforcement Network (FinCEN), more than $1 billion of TD Bank’s transfer volume involved two unidentified cryptocurrency firms. The transactions were conducted by a company referred to as “Customer Group C,” which claimed to operate in the
