US Bank Braces for Massive $2.6 Billion Fine Amid Money Laundering Probe
03.09.2024 20:00 1 min. read Alexander Stefanov
TD Bank is setting aside an additional $2.6 billion as it braces for a significant penalty from regulators.
The bank is under investigation for allegedly enabling Chinese gangs to launder $650 million in drug money between 2016 and 2021.
To address the expected fine, TD Bank has earmarked over $3 billion and is partially divesting its stake in Charles Schwab. The bank has been in discussions with U.S. regulators, including the Department of Justice, over shortcomings in its anti-money laundering (AML) procedures.
In its recent earnings report, TD Bank disclosed a $181 million loss for Q3 of this year, attributed to ongoing investigations into its AML practices. TD CEO Bharat Masrani has prioritized improving the bank’s AML controls and stated that significant efforts are underway to resolve these issues.
READ MORE:
Binance Executive’s Trial Resumes Amid Severe Health Concerns and Alleged Rights Violations
The bank aims to finalize a resolution with regulators by the end of the year. TD Bank, headquartered in Wilmington, Delaware, manages over $370 billion in assets and ranks as the 10th-largest commercial bank in the U.S.
-
1
Trump-Backed World Liberty Financial Eyes Tokenized Commodities and Stablecoin Integration
01.10.2025 12:22 2 min. read -
2
China Establishes Shanghai Hub to Push Digital Yuan Abroad
27.09.2025 19:00 1 min. read -
3
Weekly Report: Key Developments Shaping the Global Crypto Ecosystem
05.10.2025 20:00 3 min. read -
4
Moody’s Warns Crypto Adoption in Emerging Markets Threatens Monetary Control
27.09.2025 17:00 1 min. read -
5
Mike Selig Tipped to Lead CFTC as Washington Warms to Crypto Reform
05.10.2025 19:00 2 min. read
Despite Sanctions, Russia Emerges as Europe’s Crypto Powerhouse
Despite Europe’s major economies like the UK and Germany, Russia has emerged as the continent’s top crypto market, according to the latest Chainalysis report.
Stablecoins Gain Traction in Japan as Megabanks Launch Pilot Program
Japan’s three largest banks – Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho – are teaming up to issue stablecoins pegged to the yen and the U.S. dollar, signaling a major push toward tokenized fiat payments in the country.
JPMorgan Exposes the Hidden Drivers of the Historic Crypto Selloff
JPMorgan analysts say the sharp crypto downturn last week, marked by massive liquidations, was mainly fueled by crypto-native investors rather than traditional retail or institutional ETF holders.
Gold Rockets, Bitcoin Sleeps – But a Surge Could Be Imminent
Gold reached an unprecedented $30 trillion valuation on Thursday as prices soared to $4,350 per ounce, cementing a historic milestone.
-
1
Trump-Backed World Liberty Financial Eyes Tokenized Commodities and Stablecoin Integration
01.10.2025 12:22 2 min. read -
2
China Establishes Shanghai Hub to Push Digital Yuan Abroad
27.09.2025 19:00 1 min. read -
3
Weekly Report: Key Developments Shaping the Global Crypto Ecosystem
05.10.2025 20:00 3 min. read -
4
Moody’s Warns Crypto Adoption in Emerging Markets Threatens Monetary Control
27.09.2025 17:00 1 min. read -
5
Mike Selig Tipped to Lead CFTC as Washington Warms to Crypto Reform
05.10.2025 19:00 2 min. read
The Office of the Comptroller of the Currency (OCC), the U.S. regulator responsible for overseeing national banks, has announced that U.S. banks can now engage in specific crypto-related activities without prior approval.
American banks are facing a sharp rise in unrealized losses, with the latest data from the Federal Deposit Insurance Corporation (FDIC) revealing a significant increase in the fourth quarter of 2024.
An increasing number of US banks are being accused of deceptive practices aimed at generating substantial profits at the expense of their customers.
Bank of America CEO Brian Moynihan hinted that the banking industry could integrate cryptocurrencies into payment systems, provided regulatory frameworks allow it.
The U.S. spot Bitcoin exchange traded fund (ETF) sector doesn't seem to be losing confidence in the asset, as it posted positive results again on June 10, registering total inflows of $147.4 million.
Momentum and investor faith appears to be sustained as US spot Bitcoin ETFs continued their winning streak for an 8th consecutive day on Tuesday.
On Tuesday, U.S. Bitcoin exchange-traded funds (ETFs) saw a notable influx, with $88.06 million in net inflows.
Last week, US spot Bitcoin exchange-traded funds (ETFs) faced substantial outflows totaling $277 million, as the cryptocurrency market struggled with Bitcoin prices remaining below $60,000 and most altcoins continuing their downward trend.
American companies are setting new records for debt issuance, aiming to mitigate potential future risks.
While U.S. Congress members typically stick to stocks, a few have ventured into cryptocurrencies, with Bitcoin and Ethereum being the usual choices.
A new proposal in the United States aims to make the country a leader in the digital economy sector by creating a tax-free Digital Economic Zone (DEZ) for Bitcoin.
A significant legal development has taken place in the ongoing bankruptcy proceedings of the collapsed crypto hedge fund, Three Arrows Capital (3AC).
Spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded net outflows of $89.7 million on August 9, after attracting just over $194 million the day before.
A new survey reveals that the majority of cryptocurrency holders in the US prefer Donald Trump over Kamala Harris for the 2024 presidential election, despite Trump trailing in overall national polls.
The cryptocurrency landscape, particularly Bitcoin, is facing significant volatility in 2025, driven by the looming maturation of a staggering $9.2 trillion in US government debt.
The US national debt has surged by more than $680 billion in just three months, climbing from approximately $34.6 trillion on June 3rd to around $35.3 trillion by September 3rd.
The dominance of the US dollar as the world’s primary reserve currency is facing mounting challenges.
Efforts to reduce global reliance on the US dollar have yet to make a significant dent, as the currency surged to a two-year high, bolstered by rising Treasury yields and a resilient US economy.
As the US economy awaits the Federal Reserve's next interest rate decisions, historical trends hint that these policies could indicate the timing of an upcoming recession.