Regulatory Alerts2013-09-23 | 2013-1Added
Assessment of Civil Money Penalty Against TD Bank, N.A.
The Financial Crimes Enforcement Network assesses a $37.5 million civil money penalty against TD Bank, N.A. for willfully violating the Bank Secrecy Act by failing to timely detect and report suspicious activity in accounts used for a Ponzi scheme between April 2008 and September 2009. The penalty resolves claims regarding the bank's failure to file timely Suspicious Activity Reports for transactions involving approximately $4 billion, including $900 million reported late in 2011. TD Bank consents to this penalty, which is satisfied by a single payment to the Department of the Treasury concurrent with a separate OCC penalty.
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