WEST READING, PA — Customers Bank, a subsidiary of Customers Bancorp (NYSE: CUBI), has appointed Allen Love as its new Chief Compliance and Anti-Money Laundering (AML) Officer. Love will lead the Bank’s enterprise-wide compliance program, ensuring it evolves in line with increasing regulatory expectations.
In his new role, Love will focus on strengthening the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) protocols. This is particularly crucial given the Bank’s recent agreement with the Federal Reserve Bank of Philadelphia and the Commonwealth of Pennsylvania.
“Customers Bank has always been dedicated to the principles of strong risk management, and we have already taken several important steps towards meeting the expectations of our regulators, including the appointment of Allen Love as Chief Compliance and AML Officer,” said Joan Cheney, Executive Vice President and Chief Risk Officer of Customers Bank. “Allen joins us from one of the top 10 banks in the country with a long career in compliance and risk management. I am incredibly confident in his ability to strengthen our programs to further protect the Bank and provide enhanced services to our customers, building off of the work we have already completed.”
Love has extensive experience in financial crimes risk management. He has served as a senior compliance officer at some of the largest banks in North America. A former Special Agent with the IRS Criminal Investigation Division (IRS-CID), Love has a strong background in Financial Crimes Risk Management. Throughout his career, he has implemented procedures that enhanced BSA/AML and fraud control environments at various financial institutions across the United States.
“I am excited to join Customers Bank and help guide the ongoing maturation of its compliance program,” said Love. “In partnership with the entire compliance team, I look forward to contributing to the Bank’s continued success by strengthening initiatives that safeguard and support our customers.”
Customers Bank’s commitment to strong risk management principles is evident through its proactive measures. The appointment of Allen Love is a strategic step in meeting regulatory expectations and enhancing the bank’s compliance and AML protocols. As the financial landscape evolves, Customers Bank aims to stay ahead of regulatory requirements and ensure the highest standards of compliance and risk management.
The Bank’s focus on digital assets also highlights its dedication to modernizing its services while maintaining robust security measures. Love’s expertise will be instrumental in fortifying these initiatives, providing a safe and secure environment for the Bank’s growing digital asset business.
Customers Bank continues to position itself as a leader in financial compliance and risk management. With Love’s appointment, the Bank is well-equipped to navigate the complexities of financial regulation and deliver exceptional service to its customers.
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