TD Bank hires regulatory experts for its anti-money-laundering team to reinforce risk controls amid probes of controls
Toronto-Dominion Bank has hired two former regulators for its anti-money-laundering team as the lender reinforces its risk controls amid a lengthy probe by U.S. regulators and law enforcement agencies.
Over the past year, TD has tapped external regulatory and risk management experts to join its ranks while executives have departed the bank as the lender remediates weaknesses in its risks and controls procedures.
The latest moves will see Nathalie Martineau, an executive at the Financial Transactions and Reports Analysis Centre of Canada, join the bank as vice-president of anti-money laundering, governance and control for Canada, Europe and Asia-Pacific, according to an internal memo seen by The Globe.
Prior to working at FinTRAC, she worked at Canada’s banking regulator the Office of the Superintendent of Financial Institutions Canada (OSFI), the International Monetary Fund and with other financial institutions, including Bank of Montreal and JPMorgan Chase. Ms. Martineau will join TD on Aug. 13.
“Her expertise and proven ability will serve her well in this new role and will be an asset to the Bank as we continue to mature our AML program,” TD’s chief global anti-money-laundering officer Herbert Mazariegos said in the memo.
The bank has also hired former U.S. Department of Homeland Security director Brian Davis as its head of intelligence, emerging risk and trends in the U.S. In his previous role, he worked in the department’s cross-border financial crime center.
On Friday, The Globe reported that TD’s chief compliance officer Monica Kowal left the bank at the end of June. She was jointly overseeing part of the bank’s remediation efforts after OSFI ordered the lender to repair deficiencies in its regulatory compliance management program following its own probe.
Ms. Kowal will be replaced by deputy chief compliance officer Erin Morrow, who was hired in January from New York-based Citibank where she worked in compliance and auditing for more than a decade. She has also worked at Grant Thornton LLP as an executive in business advisory services, according to her LinkedIn profile.
This article was first reported by The Globe Mail
