Customers Bancorp in West Reading, Pa., which just received an enforcement action requiring it to improve Bank Secrecy Act and anti-money laundering compliance, just hired a chief compliance and AML officer.
The $22 billion-asset company said in a press release that Allen Love will lead its bank’s enterprise-wide compliance program, “ensuring it continues to evolve as regulatory expectations increase.” The release cited the recent written agreement between the bank and the Federal Reserve.
Love held several high-level compliance roles at TD Bank from 2010 to 2023, according to his LinkedIn profile. He retired from TD Bank earlier this year.
Customers “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,” Joan Cheney, the bank’s chief risk officer, said in the release.