Customers Bancorp names veteran Allen Love its chief compliance officer

Customers Bancorp

09/08/2024 20:28

Aug 9 (Reuters) - Customers Bancorp  CUBI.N  named
industry veteran Allen Love its chief compliance and
anti-money-laundering officer on Friday.
    The announcement came a day after the U.S. Federal Reserve
slapped the bank, which manages $22 billion in assets, with an
enforcement action for "significant deficiencies" around its
risk management and anti-money-laundering practices. 
    Shares of the West Reading, Pennsylvania-based bank fell
another 2% on Friday, after sinking 13% in the previous session
following the Fed's enforcement action, which directed it to
overhaul and address the risk exposure from its digital assets
business. 
    The U.S. central bank can take enforcement action against
banks and other financial institutions for violations of law,
rules and regulations, including cease and desist orders,
written agreements and financial penalties.    
    Love, a former IRS special agent, worked for more than a
decade at Canada's TD Bank  TD.TO  and has more than 20 years of
experience in financial crime risk management.
    He will be responsible for leading and improving Customers
Bancorp's compliance program in his new role. 
    Love will immediately work on strengthening Bank Secrecy Act
and anti-money-laundering protocols for the bank's digital
assets business, Customers Bancorp said in a statement.

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by
Pooja Desai)
 ((ArasuKannagi.Basil@thomsonreuters.com;))