TD Bank Group has announced significant leadership changes in its financial crime risk management division, highlighting its ongoing efforts to address regulatory concerns and strengthen its compliance programs. These appointments come as the bank navigates challenges tied to its Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance programs. The changes also align with TD’s broader organizational restructuring, including an earlier-than-expected CEO transition.
Who is taking over global financial crime risk management?
Jacqueline (Jackie) Sanjuas, previously TD Bank’s U.S. BSA officer, will now serve as the global head of financial crime risk management. Sanjuas replaces Herb Mazariegos, who will exit the organization after assisting with the transition. Sanjuas joined the bank in early 2024 following a 19-year career at Citi, where she held key compliance roles, including managing director and chief compliance officer for AML and BSA. TD Bank acknowledged her recent contributions, stating:
“In the past year, Ms. Sanjuas has driven critical change and enhancements to the bank’s U.S. [AML] program.”
What are the changes in Canadian and international operations?
Stephen Joyce, previously vice president overseeing financial crime risk management transformation delivery, has taken on the role of interim head of financial crime risk management for TD’s Canadian and international (non-U.S.) operations. His appointment reflects a strategic move to ensure oversight and continuity within the bank’s broader compliance efforts. Both appointments were effective as of January 23, 2025, signaling the bank’s urgency in addressing compliance priorities.
In October 2024, TD Bank consented to regulatory orders and entered into plea agreements related to deficiencies in its BSA/AML compliance programs. U.S. authorities criticized the bank for persistent systemic issues spanning nearly a decade. As part of the resolution, TD agreed to pay penalties, undergo a four-year monitoring period, and implement enhanced accountability measures. These past regulatory challenges contextualize the bank’s recent personnel decisions, emphasizing the seriousness with which it approaches compliance improvements.
Additionally, TD announced an accelerated CEO transition earlier this month, with Raymond Chun stepping into the role on February 1, 2025, instead of the previously scheduled date of April. Chun succeeds Bharat Masrani, who had publicly taken responsibility for the AML-related challenges impacting the bank. The leadership shuffle reflects TD’s broader strategy to rebuild trust and ensure regulatory compliance across the board.
The appointments of Sanjuas and Joyce underscore TD Bank’s intent to stabilize and reinforce its compliance operations. By placing experienced professionals in pivotal roles, the bank aims to meet regulatory requirements while mitigating the risks associated with financial crimes. Observers will likely focus on TD’s ability to deliver measurable improvements in its compliance framework in the coming months.
The broader financial sector has seen similar regulatory crackdowns in recent years, resulting in heightened scrutiny for institutions like TD Bank. These developments serve as a reminder of the operational and reputational risks tied to non-compliance in global banking. For stakeholders, the effectiveness of TD’s new leadership team will be crucial in determining its future standing in the industry.
