## TD CEO to Retire Next Year, Takes Responsibility for Money Laundering Failures **Toronto-Dominion Bank (TD)** CEO **Bharat Masrani** announced on Thursday that he will retire next year and take responsibility for the bank's failures to prevent money laundering. In a statement, Masrani said he was "deeply sorry" for the bank's role in money laundering scandals and that he takes "full responsibility" for the failures that occurred under his leadership. "I am committed to working with our team to address these issues and restore trust in TD," he said. Masrani's retirement is effective November 1, 2023. He will be succeeded by **Riaz Ahmed**, who is currently the bank's group head of personal and commercial banking. The announcement comes after TD was fined $1.2 billion by Canadian regulators for failing to prevent money laundering through its accounts. The bank has also been criticized for its role in a money laundering scandal involving the international cryptocurrency exchange **Binance**. Masrani's retirement is a significant development in the ongoing fallout from the money laundering scandals. It is a sign that the bank is taking the issue seriously and that it is committed to making changes to prevent future failures. ### TD's Money Laundering Failures TD has been involved in a number of money laundering scandals in recent years. In 2021, the bank was fined $1.2 billion by Canadian regulators for failing to prevent money laundering through its accounts. The bank has also been criticized for its role in a money laundering scandal involving the international cryptocurrency exchange Binance. TD's failures to prevent money laundering have had a number of serious consequences. The bank has been fined billions of dollars and has lost the trust of its customers. The bank has also been forced to make changes to its operations to prevent future failures. ### Masrani's Retirement Masrani's retirement is a significant development in the ongoing fallout from the money laundering scandals. It is a sign that the bank is taking the issue seriously and that it is committed to making changes to prevent future failures. Masrani's retirement is effective November 1, 2023. He will be succeeded by Riaz Ahmed, who is currently the bank's group head of personal and commercial banking. ### The Future of TD TD is facing a number of challenges in the wake of the money laundering scandals. The bank needs to regain the trust of its customers and regulators. The bank also needs to make changes to its operations to prevent future failures. TD is a strong and well-respected bank. The bank has a long history of serving its customers and communities. TD is committed to making the changes necessary to regain the trust of its customers and regulators.
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