BREAKING NEWS: FinCEN Assesses Record $1.3 Billion Penalty against TD Bank – 2024

BREAKING NEWS: FinCEN Assesses Record $1.3 Billion Penalty against TD Bank

Punishing a U.S. Bank for Massive Violations of Money Laundering Practices

Primary Category: NEWS

Author:
• SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.
• Portions: FinCEN

About This Article

The $1.3 billion penalty assessed by FinCEN against TD Bank for massive violations of anti-money laundering (AML) practices marks a pivotal moment in U.S. banking safety and regulatory compliance.

TD Bank’s failure to implement an effective AML program enabled widespread criminal activity, including narcotics trafficking, human trafficking, and terrorist financing, to penetrate the financial system. The historic settlement underscores the critical importance of robust AML controls and serves as a warning to other financial institutions about the severe consequences of neglecting these safeguards.

Moving forward, U.S. banks must prioritize AML compliance and develop strong internal oversight to protect the financial system from illicit activity.

Scam Victims Compliance With Scammer Authority Figures

Helping Scam Victims to Understand the Psychology of Scams

Author:
• Tim McGuinness, Ph.D. – Anthropologist, Scientist, Director of the Society of Citizens Against Relationship Scams Inc.

About This Article

The article provides an in-depth exploration of the psychological mechanisms that drive scam victims to comply with scammer impersonation of authority figures.

It examines how scammers exploit individuals’ innate tendency to respect and obey authority, leveraging this predisposition to manipulate victims into compliance. Factors such as fear of consequences, social conditioning, and deception contribute to victims’ susceptibility to fraudulent schemes.

Compliance