Financial industry veteran and former IRS Special Agent will strengthen BSA/AML processes, further Bank’s commitment to risk management

WEST READING, Pa., August 09, 2024--(BUSINESS WIRE)--Customers Bank, the $22 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), has appointed Allen Love as Chief Compliance and AML Officer. In this role, Love will be responsible for leading the Bank’s enterprise-wide compliance program, ensuring it continues to evolve as regulatory expectations increase.

Love will immediately begin work on strengthening Bank Secrecy Act and Anti-Money Laundering (BSA/AML) protocols for the company’s digital asset business in support of 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 brings a wealth of experience in financial crimes risk management, having served as a senior compliance officer at some of the largest banks in North America. He is a former Special Agent with the IRS Criminal Investigation Division (IRS-CID) and has an extensive background in Financial Crimes Risk Management. As a financial industry veteran in top compliance roles, Love has also performed reviews that resulted in the implementation of procedures that enhanced BSA/AML and fraud control environments at institutions across the U.S.

"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."

Institutional Background

Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s top-performing banking companies with nearly $21 billion in assets, making it one of the 80 largest bank holding companies in the U.S. Customers Bank’s commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include: