Abstract: In the two-Higgs-doublet model the alignment of the Yukawa matrices in flavor space guarantees the absence of flavor-changing neutral currents at tree level, while introducing new sources for CP violation parametrized in a very economical way [Antonio Pich and Paula Tuzon, Phys. Rev. D 80, 091702 (2009)]. This implies a potentially large influence in a number of processes, b -> s gamma being a prominent example where rather high experimental and theoretical precision meet. We analyze the CP rate asymmetry in this inclusive decay and determine the resulting constraints on the model parameters. We demonstrate the compatibility with previously obtained limits [Martin Jung, Antonio Pich, and Paula Tuzon, J. High Energy Phys. 11 (2010) 003]. Moreover, we extend the phenomenological analysis of the branching ratio, and examine the influence of resulting correlations on the like-sign dimuon charge asymmetry in B decays.