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- Clients Bancorp (NYSE:CUBI) stated on Friday it had appointed Allen Love because it chief compliance and AML officer.
- In line with CUBI, Love is a former Particular Agent with the IRS Legal Investigation Division (IRS-CID) and has an intensive background in Monetary Crimes Danger Administration.
- On Thursday, the Federal Reserve issued an enforcement motion in opposition to the financial institution, saying the corporate is not doing sufficient to handle threat and compliance of anti-money laundering and buyer due diligence associated to its digital asset companies.
- CUBI added that Love will work on strengthening Financial institution Secrecy Act and Anti-Cash Laundering (BSA/AML) protocols for the corporate’s digital asset enterprise in assist of the financial institution’s latest settlement with the Federal Reserve Financial institution of Philadelphia and the Commonwealth of Pennsylvania.
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