TORONTO (Reuters) – TD Financial institution’s Chief International Anti-Cash Laundering Officer Herbert Mazariegos is stepping down efficient instantly, two sources advised Reuters on Thursday, because the financial institution takes remediation actions after it was fined by U.S. regulators for compliance failures.

Mazariegos joined TD in November 2023 from Financial institution of Montreal, the place he served because the chief anti cash laundering officer for over 4 years. He was employed as part of TD’s push to revamp its threat and compliance workforce.

Mazariegos, employed whereas outgoing CEO Bharat Masrani was in cost, will likely be changed by Jacqueline Sanjuas, the top of U.S. monetary crime threat administration at TD, one supply mentioned.