Toronto-Dominion Bank’s TD-T global chief auditor is leaving the bank as Canada’s largest lender works on remediating its anti-money-laundering failings with U.S. regulators.
TD said that Anita O’Dell, global chief auditor and interim U.S. chief auditor, is retiring and will continue in an advisory role until May 31. Last month, the bank pleaded guilty to conspiracy to commit money laundering and must pay a penalty of more than $3-billion and address several strict requirements set by U.S. regulators and law enforcement.
Since joining the bank in 2010, Ms. O’Dell held roles including U.S. chief auditor and deputy U.S. chief auditor. In her role, she was responsible for reporting to the audit committee of TD’s board of directors, which oversees anti-money laundering, compliance, auditing and finance.
The bank tapped controller and chief accountant Michelle Myers as its new global chief auditor. She steps into the role on Dec. 9, reporting directly to chief executive officer Bharat Masrani.
Before joining TD in 2022, Ms. Myers was a partner at accounting firm KPMG Canada.
TD’s deputy U.S. chief auditor Keith Lam is taking on the role of acting U.S. chief auditor. He will report to Ms. Myers, as well as the U.S. audit committees and the bank’s U.S. management committee. Over 20 years, Mr. Lam has worked at U.S.-based banks and auditing firms.
In July, TD’s chief compliance officer Monica Kowal left the bank. In May, The Globe reported that Ms. Kowal was jointly overseeing part of the bank’s remediation efforts after Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, ordered the lender to fix deficiencies in its regulatory compliance management program.