By Nivedita Balu
TORONTO (Reuters) – TD Financial institution has employed Georgia Stavridis from Royal Financial institution of Canada to develop into a vice chairman in monetary crimes threat administration, a newly created function, three sources informed Reuters.
She was appointed chief compliance officer for HSBC Financial institution Canada in 2020 and moved to RBC earlier this yr after it acquired HSBC’s home unit for $10 billion.
Stavridis might be tasked with technique, efficiency and outcomes for the monetary intelligence unit in Canada.
In October, TD Financial institution turned the biggest financial institution in U.S. historical past to plead responsible to violating a federal legislation aimed toward stopping cash laundering, and agreed to pay over $3 billion in penalties to resolve the fees.
As part of the method to repair its compliance and threat program, TD employed plenty of senior executives together with Herb Mazariegos, its chief world anti-money-laundering officer from BMO, senior U.S. Federal Bureau of Investigations and U.S. Division of Homeland Safety officers, Marcy Forman and Jacqueline Sanjuas from Citi, and several other others.
In 2013, HSBC Holdings Plc (LON:) was fined $1.92 billion by federal and state investigators within the U.S. on expenses it flouted guidelines designed to cease cash laundering and thwart transactions with international locations below U.S. sanctions.
A number of HSBC executives have left RBC since a six-month assure to maintain them expired in September.
