Dive Brief:
- TD has named Andrew Jensen the head of financial crime risk management in Canada, effective July 14, according to a Wednesday memo seen by Reuters.
- Jensen replaces Stephen Joyce, who was serving in the role on an interim basis, according to the memo.
- A veteran of the Treasury Department, Jensen joined TD last year as global head of sanctions. The Toronto-based lender sought to hire those with regulatory experience amid last year’s historic anti-money laundering settlement that brought more than $3 billion in penalties and a $434 billion asset cap on the bank’s U.S. retail operations.
Dive Insight:
Jensen, who will also maintain his global sanctions duties at TD, will report to Jacqueline Sanjuas, who was named TD’s global head of financial crime risk management in January; she replaced Herb Mazariegos.
In the private sector, Jensen has worked at Scotiabank and Citi, holding top roles on sanctions teams, according to his LinkedIn profile.
The AML debacle provided some crucial lessons for the Canadian bank, including the significance of experienced staff, TD CEO Raymond Chun said in January. In the U.S., the bank “rebuilt” its AML team, Chun noted at the time, and employee additions have made the bank confident it can deliver, in a timely manner, what regulators are seeking, he said.
“You need to have talent that is commensurate with the size and complexity of a bank [like] TD,” Chun said. “Talent at the most senior levels in AML is absolutely one of the top priorities that we have as an organization.”
Bank executives said last year TD is applying lessons from its U.S. AML experience to make improvements to its enterprise AML program globally.
During its fiscal second-quarter earnings call in May, TD said it would cut about 2% of its workforce as part of a broader restructuring, and wind down a $3 billion portfolio tied to its U.S. point-of-sale financing business.
A TD spokesperson didn’t immediately respond to a request for comment.
