TD Bank Has Lost Its Chief Compliance Officer Monica Kowal Amid U.S. Probe

TD Bank has lost its Chief Compliance Officer, Monica Kowal, amidst a U.S. probe.

The bank has declined to comment on the reason behind Kowal's departure, fueling speculation about the nature of the investigation.

This move has sparked concerns about the bank's ability to maintain effective compliance practices.

TD Bank's silence on the matter has only added to the mystery surrounding Kowal's departure.

TD Bank's Chief Compliance Officer Monica Kowal has left the bank after serving since 2017.

Monica Kowal will be succeeded by Deputy Chief Compliance Officer Erin Morrow, who joined TD Bank in January from Citi, where she had been for over 10 years.

An internal memo announced Kowal's departure in late June, but didn't mention a reason.

TD Bank is currently undergoing a comprehensive overhaul of its anti-money laundering (AML) program, which was prompted by regulatory scrutiny and legal challenges.

The bank has invested $365 million in its AML program and cooperated closely with authorities by providing documentation and internal video recordings related to the matter.

A bank spokesperson stated that TD Bank took action against employees involved in money-laundering cases and is working to drive changes in its compliance program.

A different take: How to Wire Money to Td Bank

TD Bank has made significant efforts to strengthen its compliance team in the wake of Monica Kowal's departure.

The bank has appointed new executives, including Morrow, who joined TD in January after a tenure at Citi, to enhance the regulatory program.

TD has invested over $500 million in training programs, hiring AML professionals, and appointing new executives to address deficiencies in its AML program.

The bank aims to improve its monitoring, detection, reporting, and response processes to better prevent and respond to financial crimes.

Marcy Forman, Jacqueline Sanjuas from Citi, and Herbert Mazariegos from BMO have also been hired to further enhance the regulatory program.

TD declined to comment on Kowal's departure, but it's clear that the bank is taking concrete steps to improve its compliance and risk management practices.

For another approach, see: Wachovia Corp 2nd New

As TD Bank navigates its compliance challenges, the departure of Chief Compliance Officer Monica Kowal leaves a significant void.

The bank has appointed Erin Morrow, the deputy chief compliance officer, as Kowal's successor. Morrow brings over 20 years of experience in compliance, audit, and risk management.

TD Bank has invested 500 million Canadian dollars in its anti-money laundering (AML) program to address shortcomings in its AML program.

Erin Morrow joined TD Bank in January from Citi, where she had been for over 10 years, and prior to that, she worked at Grant Thornton LLP as principal of business advisory services.

The bank's overhaul of its AML practices has brought in top talent with experience in transforming and leading AML programs at major banks.