TORONTO (Reuters) – TD Bank’s Chief Global Anti-Money Laundering Officer Herbert Mazariegos is effective immediately, two sources told Reuters on Thursday, as the bank takes remedial actions after it was fined by U.S. regulators. due to compliance failures.

Mazariegos joined TD in November 2023 from the Bank of Montreal, where he served as chief anti money laundering officer for more than four years. He was hired as part of TD’s push to revamp its risk and compliance team.

Mazariegos, hired while outgoing CEO Bharat Masrani was in charge, will be replaced by Jacqueline Sanjuas, TD’s head of US financial crime risk management, a source said.