In a significant move to bolster its financial crime risk management, TD Bank Group recently announced two strategic appointments. The changes come in the wake of ongoing U.S. investigations into the bank's compliance programs related to the Bank Secrecy Act (BSA) and anti-money laundering (AML). These developments follow an accelerated CEO transition at the bank. Jacqueline Sanjuas has been appointed as the global head of financial crime risk management, while Stephen Joyce will serve as the interim head for TD’s Canadian and international operations. Both appointments took effect on January 23, reflecting the bank's commitment to addressing regulatory concerns.
The appointment of Ms. Sanjuas marks a pivotal shift in TD Bank Group's approach to financial crime risk management. With nearly two decades of experience at Citi, where she held senior compliance roles, Sanjuas brings extensive expertise to her new position. She succeeds Herb Mazariegos, who joined the bank in November 2023 and will assist with a smooth transition before leaving the company. Over the past year, Sanjuas has spearheaded critical enhancements to the bank's U.S. AML program, driving substantial improvements in compliance measures.
Meanwhile, Stephen Joyce, previously vice president of financial crime risk management, assumes a broader role overseeing TD's Canadian and international operations. This expanded responsibility underscores the bank's dedication to strengthening its global compliance framework. The timing of these appointments is crucial, coming shortly after the bank's announcement of an accelerated CEO transition. Raymond Chun, the current Chief Operating Officer, will take over as group president and CEO on February 1, replacing Bharat Masrani.
The recent appointments are part of a series of actions taken by TD Bank Group to address longstanding issues identified by U.S. regulators. In October, the bank consented to orders and entered into plea agreements regarding deficiencies in its AML program. The U.S. Department of Justice highlighted systemic shortcomings between 2014 and 2023, leading to a historic penalty and the implementation of a four-year monitorship. Through these strategic moves, TD Bank Group aims to restore trust and ensure robust compliance across its operations.
These leadership changes reflect TD Bank Group's proactive approach to addressing regulatory challenges. By bringing in experienced professionals like Sanjuas and Joyce, the bank demonstrates its commitment to enhancing its financial crime risk management practices. As the bank navigates these transitions, it remains focused on implementing comprehensive reforms to meet stringent regulatory standards and rebuild confidence in its compliance programs.