(Reuters) – Customers Bancorp (NYSE:CBM) on Friday named industry veteran Allen Love as its chief compliance and anti-money laundering officer.
The announcement comes a day after the US Federal Reserve imposed enforcement action on the bank, which manages $22 billion in assets, over “significant deficiencies” in its risk management and anti-money laundering practices.
Shares of the West Reading, Pennsylvania-based bank fell another 2% on Friday, after falling 13% in the previous session following enforcement actions by the Federal Reserve, which directed it to fix and address 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 the law, rules, and regulations, including cease and desist orders, written agreements, and financial penalties.
A former special agent with the Internal Revenue Service, Love worked for more than a decade at TD Bank in Canada 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.
Customers Bancorp said in a statement that Love will immediately work to strengthen Bank Secrecy Act and anti-money laundering protocols regarding the bank’s digital assets business.