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Toronto-Dominion Bank has tapped Erin Morrow as its new chief compliance officer, a key position because the financial institution faces ongoing U.S. investigations into its anti-money laundering controls.
Morrow, who was most not too long ago deputy chief compliance officer, replaces Monica Kowal, who left July 2, based on an inside firm memo reviewed by Bloomberg News. A senior vice-president, Morrow stories to Ajai Bambawale, chief threat officer at Canada’s second-largest lender.
“She has intensive expertise working in advanced organizations with a world footprint, which can serve her properly on this position,” Bambawale mentioned within the memo, which was despatched June 28, including that Morrow “has already made a major impression inside the compliance group and throughout the financial institution, together with constructing the compliance transformation workforce.”
Toronto-Dominion is below investigation by the United States Department of Justice, financial institution regulators and the U.S. Treasury Department over allegations that it did not catch cash laundering and different monetary crimes at a number of U.S. branches. The lender has mentioned it’s within the midst of a “complete overhaul” of its anti-money-laundering program, and analysts have estimated that complete fines may very well be within the billions of {dollars}.
Morrow has greater than 20 years expertise in compliance, audit and threat administration. Before becoming a member of Toronto-Dominion in January, she was most not too long ago a managing director at Citigroup Inc., based on her LinkedIn profile.
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A consultant for Toronto-Dominion declined to remark. The Globe and Mail first reported Morrow’s appointment.
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