TD Bank's AML Chief Steps Down Amid Compliance Fines

Herbert Mazariegos, TD Bank's Chief Global Anti-Money Laundering Officer, has resigned following compliance fines from U.S. regulators. Mazariegos joined TD in 2023 from Bank of Montreal to strengthen the bank's risk and compliance team, but will now be succeeded by Jacqueline Sanjuas.

TD Bank's Chief Global Anti-Money Laundering Officer, Herbert Mazariegos, has stepped down with immediate effect, two sources revealed to Reuters on Thursday. This development follows the bank's efforts at remediation after being penalized by U.S. regulators for compliance shortfalls.

Mazariegos was brought on board in November 2023, having previously held a similar position at the Bank of Montreal for over four years. His appointment was part of TD's strategy to overhaul its risk and compliance team.

Mazariegos was recruited under the leadership of outgoing CEO Bharat Masrani and will be succeeded by Jacqueline Sanjuas, TD's head of U.S. financial crime risk management, according to a source.

(With inputs from agencies.)