TD Financial institution faucets HSBC Canada’s former chief compliance officer, sources say

By Nivedita Balu

TORONTO (Reuters) -TD Financial institution has employed Georgia Stavridis from Royal Financial institution of Canada to turn out to be a vice chairman in monetary crimes danger administration, a newly created position, three sources instructed 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 can 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 regulation aimed toward stopping cash laundering, and agreed to pay over $3 billion in penalties to resolve the costs.

As part of the method to repair its compliance and danger program, TD employed quite a lot 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 a number of other others.

In 2013, HSBC Holdings Plc (LON:HSBA) was fined $1.92 billion by federal and state investigators within the U.S. on fees it flouted guidelines designed to cease cash laundering and thwart transactions with nations beneath U.S. sanctions.

A number of HSBC executives have left RBC since a six-month assure to maintain them expired in September.