2025-01-24 04:42:00 :
(Bloomberg) — Toronto-Dominion Bank is promoting Jacqueline Sanjuas, one of its top U.S. anti-money laundering executives, who will be responsible for financial crime risk management across the bank.
Sandworth, who joined Toronto-TD in January 2024, will succeed Herb Mazarigos, the company said in a statement late Thursday. She is already TD Bank’s Bank Secrecy Officer, responsible for ensuring the bank complies with all U.S. anti-money laundering rules, and will continue to serve in this key supervisory position.
Chicago-based Mazarigos, who was previously chief anti-money laundering officer at Bank of Montreal, will leave Toronto-Dominion Bank immediately but will “support a smooth transition,” the statement said. He joined Canada’s second-largest bank less than a year and a half ago as part of its effort to improve compliance processes in the wake of a sweeping U.S. money laundering investigation.
A person familiar with the matter, who spoke on condition of anonymity to discuss personnel matters, said his departure was a “talent decision” for the bank. Mazariegos joined TD at a challenging time for the organization and its needs have since changed, this person said.
Toronto-TD agreed in October to pay $3.1 billion to U.S. regulators and law enforcement after pleading guilty to money laundering charges and said improving compliance in this area was its top priority.
Last year, the company spent $350 million to improve its money laundering and financial crime programs and said it expected to spend an additional $500 million on those efforts this year.
The bank announced last week that it would bring forward new CEO Raymond Chun’s start date by two months, cut executive bonuses and overhaul its board of directors.
Outgoing CEO Bharat Masrani, who has led the bank for more than a decade, saw his own compensation fall to C$1.5 million last year from C$13.3 million a year earlier, the bank said. ($1 million).
Toronto-TD said Thursday that Stephen Joyce will become interim head of financial crime risk management for the bank’s Canadian and non-U.S. international operations, reporting to Sunhwath.
(Update providing additional details on personnel changes and background to money laundering investigation, beginning in second paragraph.)
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