Toronto-Dominion Bank’s (NYSE:TD) chief compliance officer Monica Kowal has departed the bank, Reuters reported Saturday, as the Canadian lender grapples with U.S. investigations into its anti-money-laundering controls.
Kowal served at TD (TD) for nearly seven years and took up the role of chief compliance officer in late 2022. Kowal will be succeeded by deputy chief compliance officer Erin Morrow who will report to chief risk officer Ajai Bambawale, the report added.
Morrow joined TD (TD) in January this after an over 10-year stint at U.S.-based Citi (C).
According to the report, Bambawale did not comment on the reason for Kowal’s departure.
In May, TD (TD) said it had fired more than a dozen people for their conduct relating to the bank’s shortcomings in its anti-money laundering procedures in the U.S. The bank added it had invested C$500M (US$365M) in anti-money laundering remediation efforts.
In its fiscal second-quarter, TD (TD) took a C$615M charge for the anti-money laundering program investigations.