- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-05-28T19:45:00
The chief risk officer at TD Bank Group said “procedural weaknesses” in the institution’s U.S. anti-money laundering (AML) program allowed bad actors to exploit its network.
Ajai Bambawale acknowledged the bank’s AML program needed shoring up, in response to an analyst’s question included in a transcript of the bank’s May 23 conference call regarding its second-quarter earnings.
“[W]e always endeavor to be best in class in every risk area, but yes, from time to time, we find we’ve fallen behind in a particular area, and we’re out there owning the issue that we fell behind in our program and our program did not pick up things it should have picked up,” Bambawale said.
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
2024-11-05T16:52:00Z By Aaron Nicodemus
Law enforcement officials stumbled on TD Bank’s role in money laundering while investigating a Mexican drug cartel. They found that the bank’s corporate culture considered compliance, particularly BSA/AML compliance, a low priority. As they dug deeper, authorities discovered that multiple money laundering schemes had infiltrated the bank’s network.
2024-10-11T13:44:00Z By Aaron Nicodemus
TD Bank will pay nearly $3.1 billion in penalties to four U.S. regulators to settle charges that it “chose profits over compliance” when it allowed three money laundering networks to filter more than $670 million in dirty money through the company.
2024-10-01T15:38:00Z By Aaron Nicodemus
Broker-dealer TD Securities failed to prevent a trader from placing and then withdrawing thousands of false trades over the course of a year in part because its compliance department failed to follow up on red flags generated by the illegal trades, three regulators said.
2025-03-10T20:56:00Z By Adrianne Appel
The public reported a 25 percent increase in losses–totaling more than $12.5 billion in 2024–to investment scams, tech rip-offs, and general fraud, according to an analysis by the Federal Trade Commission.
2025-01-08T17:13:00Z By Jeff Dale
Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.
2024-12-30T14:57:00Z By Aaron Nicodemus
A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.
Site powered by Webvision Cloud