Resignation of TD Bank's Global Anti-Money Laundering Officer

TD Bank announced on Thursday that Chief Global Anti-Money Laundering Officer Herbert Mazariegos is stepping down immediately, in response to compliance fines from U.S. regulators. Mazariegos, who joined TD in November 2023 from Bank of Montreal, was part of TD's efforts to enhance its risk and compliance team.

Jacqueline Sanjuas, the head of U.S. financial crime risk management at TD, will replace Mazariegos. AML industry expert Sean Parker noted that Sanjuas, who has two decades of experience, joined TD in January 2024.

Stephen Joyce will serve as the interim head of financial crime risk management for TD's Canadian and international operations, excluding the U.S., reporting to Sanjuas.

In a staff memo, Chief Risk Officer Ajai Bambawale expressed confidence in the changes, thanking Mazariegos for his contributions during a challenging period. Bambawale stated that Mazariegos' departure was a mutual decision.

TD is facing restrictions imposed by U.S. regulators following issues in its anti-money laundering program, leading to significant financial impact and the accelerated departure of outgoing CEO Bharat Masrani in February, citing accountability for the compliance failures.