RegAlert2013-09-23 | 2013-1Added · Updated
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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UNITED STATES OF AMERICA
DEPARTMENT OF THE TREASURY
FINANCIAL CRIMES ENFORCEMENT NETWORK
IN THE MATTER OF: )
)
)
) Number 2013-1
TD Bank, N.A. )
Wilmington, DE )
ASSESSMENT OF CIVIL MONEY PENALTY
I. INTRODUCTION
The Financial Crimes Enforcement Network has determined that grounds exist to assess a civil money penalty against TD Bank, N.A. (“TD Bank” or the “Bank”), pursuant to the Bank Secrecy Act and regulations issued pursuant to that Act.1 TD Bank enters into the CONSENT TO THE ASSESSMENT OF CIVIL MONEY PENALTY (“CONSENT”) with the Financial Crimes Enforcement Network. The CONSENT is incorporated into this ASSESSMENT OF CIVIL MONEY PENALTY (“ASSESSMENT”) by reference. The Financial Crimes Enforcement Network has authority to investigate banks for compliance with and violation of the Bank Secrecy Act pursuant to 31 C.F.R. § 1010.810, which grants the Financial Crimes Enforcement Network “overall authority for enforcement and compliance, including coordination and direction of procedures and activities of all other agencies exercising delegated authority under this chapter.” TD Bank was a “financial institution” and a “bank” within the meaning of the Bank Secrecy Act and its implementing
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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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