BMO Financial Group Announces New Financial Crimes Unit to be Headed by Larry Zelvin

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Jan 07, 2019, 12:04 ET

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.

SOURCE BMO Financial Group