TD Bank's Strategic Shift: Jon Rasmussen Takes the Helm as U.S. Chief Compliance Officer

TD Bank appoints Jon Rasmussen, a veteran from JP Morgan, as the new U.S. chief compliance officer amid a revamp in its financial crime and risk management following a $3 billion penalty. The appointment comes as the bank deals with regulatory scrutiny, asset caps, and an independent monitoring requirement.

TD Bank has tapped Jon Rasmussen, an experienced JP Morgan executive, as its new U.S. chief compliance officer. According to a memo obtained by Reuters on Monday, this move is part of a wider overhaul within the bank's financial crime and risk management team.

This strategic shift follows a historic $3 billion penalty levied by U.S. regulators after TD Bank admitted to conspiracy to commit money laundering, among other charges. As the U.S. division faces regulatory scrutiny with a cap on assets, the bank is required to work under an independent monitor that oversees its operations and compliance measures.

Rasmussen, who has dedicated three decades to JP Morgan and served as its chief compliance officer for the consumer and banking division, will transition to TD in December. He will report to U.S. Chief Risk Officer Paul Beltrame and Chief Compliance Officer Erin Morrow. TD Bank has not provided a comment on the appointment at this time.

(With inputs from agencies.)