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.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...