TD names new chief compliance officer amid laundering probes
BNN Bloomberg
Toronto-Dominion Bank has tapped Erin Morrow as its new chief compliance officer, a key role as the bank faces ongoing U.S. investigations into its anti-money laundering controls.
Morrow, who was most recently deputy chief compliance officer, replaces Monica Kowal, who left July 2, according to an internal company memo reviewed by Bloomberg News. A senior vice president, Morrow reports to Ajai Bambawale, chief risk officer at Canada’s second-largest lender.
“She has extensive experience working in complex organizations with a global footprint, which will serve her well in this role,” Bambawale said in the memo, which was sent June 28, adding that Morrow “has already made a significant impact within the compliance organization and across the bank, including building the compliance transformation team.”
Toronto-Dominion is under investigation by the U.S. Department of Justice, bank regulators and the Treasury Department over allegations that it failed to catch money laundering and other financial crimes at several U.S. branches. The lender has said it’s in the midst of a “comprehensive overhaul” of its anti-money-laundering program, and analysts have estimated that total fines could be in the billions of dollars.
