- 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.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.
The chief financial officer of the Epoch Times was charged with laundering at least $67 million in illegally obtained funds to bolster the fortunes of the newspaper and himself.
Canadian lawmakers will come together to discuss TD Bank’s reported failure to prevent drug traffickers from laundering proceeds of fentanyl sales on its platform.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
