New York-based Metropolitan Commercial Bank (MCB) announced the appointments of a chief risk officer and Bank Secrecy Act/anti-money laundering (BSA/AML) officer to bolster its reporting lines following a $30 million enforcement action from federal and state authorities last year.
Gregory Gaare, appointed as senior vice president and chief risk officer, and Theodore George Andreades, appointed as senior vice president and BSA/AML officer, will help lead the bank in its “course toward expansion,” said Mark DeFazio, president and chief executive of MCB, in a press release Thursday.
“[MCB] is delighted to welcome [Gaare], a seasoned risk management professional,” said DeFazio. “… Securing the expertise of [Andreades], an experienced BSA/AML officer, is crucial in assembling a robust risk management team capable of navigating today’s and tomorrow’s regulatory landscape.”
Gaare brings 32 years of experience in risk management and regulatory supervision, including at Flagstar Bank, Alliance Capital Management Corp., Barclays Bank, the Federal Deposit Insurance Corporation, and the Federal Reserve Bank of New York. He recently served as the deputy chief risk officer in the risk management division of Flagstar Bank.
Andreades brings 37 years of expertise, including at New York Community Bank (NYCB), JPMorgan Chase, American International Group, and the Teachers Insurance Annuity Association and the College Retirement Equity Fund. He most recently managed the integration of NYCB, Flagstar Bank, and Signature Bank’s BSA and Office of Foreign Assets Control departments.
In October, MCB agreed to pay nearly $30 million as part of settlements with the New York State Department of Financial Services and Federal Reserve Board over alleged lapses in third-party oversight.
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