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Vatican bank names new acting officials

CWN - July 02, 2013

The Vatican bank has named new officers to replace the director and deputy-director who resigned on July 1.

Ernst von Freyburg, the president of the Institute for Religious Works (IOR), will act temporarily in the role of director for the bank. Rolando Marranci, who has been chief operating officer for an Italian bank in London, has been named acting deputy director. Antonio Montaresi, whose experience has been as a risk and compliance officer with American banks, will act as chief risk officer for the IOR.

The IOR’s president defended the institution, while acknowledging the need for continued work to repair the bank’s reputation. “Since 2010 the IOR and its management have been working hard to bring structures and processes in line with international standards for anti-money laundering,” said von Freyburg. “While we are grateful for what has been achieved, it is clear today that we need new leadership to increase the pace of this transformation process.”

In recent weeks von Freyburg has brought in top executives from the firm Promontory Europe to provide the IOR with advice on strengthening safeguards against money-laundering.

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