TD Bank Appoints Jacqueline Sanjuas, Stephen Joyce to Financial Crime Risk Management Roles

Key Appointments - TD Bank Group announced two key appointments in financial crime risk management roles, effective January 23 [1] - Jacqueline (Jackie) Sanjuas, previously TD Bank Group's U S Bank Secrecy Act officer, is now the global head of financial crime risk management, succeeding Herb Mazariegos who will leave the company [2] - Stephen Joyce, vice president of financial crime risk management, transformation delivery and enablement, was appointed interim head of financial crime risk management for TD's Canadian and international operations (non-U S ) [4] Leadership Transition - TD Bank Group accelerated its CEO transition, with Chief Operating Officer Raymond Chun set to be appointed group president and CEO on February 1, instead of the previously announced date of April 10 [5] - Bharat Masrani, the outgoing president and CEO, took "full responsibility" for the AML challenges faced by the bank [5] Regulatory and Compliance Issues - TD Bank Group and its U S subsidiaries consented to orders and entered into plea agreements with U S regulators and authorities in October, related to investigations of its Bank Secrecy Act and anti-money laundering (AML) compliance programs [6] - The U S Department of Justice highlighted "long-term, pervasive and systemic deficiencies" in TD Bank's AML program between January 2014 and October 2023, with the bank failing to take appropriate remedial action [6] - TD Bank agreed to a "historic penalty," a four-year monitor to oversee remedial measures, and additional accountability and data governance reviews as part of the settlement with the U S Department of the Treasury [7] Background of Appointees - Jacqueline Sanjuas joined TD Bank Group in January 2024 after 19 years at Citi, where she served as managing director and chief compliance officer of AML and BSA officer [3] - Herb Mazariegos, who is leaving TD Bank Group, joined the company in November 2023 [2]