Three vice presidents depart as new chief reorganizes AML division
Three senior executives are departing TD Bank’s financial crime risk management team as part of a restructuring under new global anti-money laundering (AML) chief Jacqueline Sanjuas.
In a memo seen by Reuters, Sanjuas, who took over earlier this year following TD’s $3 billion penalty by US regulators, told staff she is focused on “simplifying the financial crime risk operating model in Canada.”
She explained that the effort is “guided by the need to enhance clarity in decision-making, redefine team mandates, and drive greater consistency across the broader team.”
The departing executives are Sohana Inderlall, vice president of risk and business control programs; Caitlin Riddolls, vice president of risk oversight for Canadian banking; and Rick Hamilton, vice president of data and model management. According to the memo, all three are leaving to pursue other opportunities.
The memo also outlined Sanjuas’ intention to restructure TD’s financial crime and risk management team, marking her first major moves since stepping into the role in January after the sudden exit of former AML head Herbert Mazariegos.
Sanjuas said TD will name a leader for its financial crime investigations team and a new vice president for business oversight in Canada. Until permanent appointments are made, Georgia Stavridis, a former HSBC Canada executive who joined TD last year, and Stephen Joyce, vice president of financial crime risk management transformation delivery and enablement, will fill the roles on an interim basis.
A TD Bank spokesperson confirmed the leadership moves and the details of Sanjuas’ memo.
The leadership reshuffle follows TD Bank Group president and CEO Raymond Chun’s public apology to investors last month for the bank’s “unacceptable” AML lapses.
Chun, who became CEO in late 2024, acknowledged the serious regulatory failures within TD’s US operations and the impact of the resulting multibillion-dollar settlement and asset cap on the bank and its shareholders.
Read more: TD grilled by shareholders on 'extraordinarily painful' AML failures
“Our response has been decisive,” Chun said, referring to TD’s comprehensive plan to fix operational deficiencies, which includes investments in new processes, experienced personnel, and advanced technology. “This is our most important priority. And my top priority as CEO.”
TD Bank is set to release its second-quarter financial results and hold an earnings conference call on Thursday, May 22.
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