- New unit will integrate cyber security, fraud and physical security
- BMO's Anti-Money Laundering group, headed by Herbert Mazariegos, to work closely with
Financial Crimes Unit
TORONTO and CHICAGO, Jan. 7,
2019 /PRNewswire/ - BMO Financial Group (TSX:BMO) (NYSE:BMO) today announced that it will create a Financial Crimes Unit
to be led by Larry Zelvin, who joins the bank effective January 14, 2019.
The Financial Crimes Unit brings together existing capabilities around cybersecurity, fraud, and physical security from
across the enterprise into an integrated central function. As head of the Financial Crimes Unit, Mr. Zelvin will
be responsible for defining and executing strategy, mobilizing stakeholders, and working in full coordination with
businesses across the bank. The Unit will leverage a fusion center model, which is widely regarded as an industry
leading capability. Mr. Zelvin will report to Steve Tennyson, Chief Technology and
Operations Officer, BMO Financial Group.
Mr. Zelvin joins BMO from Citigroup Inc., where he was Managing Director and Global Head, Cyber Security. His previous
roles include Director, the National Cybersecurity and Communications Integration Center, at the U.S. Department of Homeland
Security and Senior Director for Response, National Security Council, The White House.
"Given a growing reliance on advanced digital technologies, the financial services industry is faced with
more sophisticated financial crime activities that often exploit misaligned fraud and cyber security practices. It is
critical that we continue to invest, and develop our talent and processes to protect information of our customers, the bank and
our partners," said Darryl White, Chief Executive Officer, BMO Financial Group.
"We are continuously improving our security threat detection and response company wide and bringing together our capabilities
under one leader is an important next step," said Mr. Tennyson. "Larry has over 25 years of experience as a deep security
expert. He has been a significant contributor and instrumental in creating a number of industry-leading cyber
security practices."
The Financial Crimes Unit will work together with BMO's Anti-Money Laundering group. Herbert
Mazariegos, currently BMO's U.S. Chief Anti-Money Laundering Officer, has been appointed Chief Anti-Money Laundering
Officer, BMO Financial Group. Mr. Mazariegos has 25 years of financial services experience and has been a key contributor
in BMO's leading AML capabilities.
AML is a critical component of the bank's protection of customers and will collaborate closely with the Financial Crimes Unit
in a number of areas.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th
largest bank, by assets, in North America. With total assets of $774
billion as of October 31, 2018, and a team of diverse and highly engaged employees, BMO
provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more
than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth
Management and BMO Capital Markets.
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SOURCE BMO Financial Group