TD Bank risk chief laments ‘procedural weaknesses’ in U.S. AML program
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.
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