Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Standard Chartered Bolsters Its Financial Crime Unit Amid Regulatory Trouble

Aarti Maharaj | August 12, 2015

The Financial Times reports that the London-based bank added Stevenson Munro to head up its sanctions compliance and David Clark to lead surveillance analysis of its financial crime compliance division. Clark and Munro were previously at General Electric. Munro served as the former financial crime compliance leader at GE Capital.

This renewed focus on the bank’s financial crimes unit comes at a time when several U.S. watchdogs are investigating whether the Standard Chartered concealed transactions after violating international sanctions on transactions with Burma, Sudan, Libya and Iran. 

The bank gathered names from customers in these countries and switched them with special characters so other financial institutions cannot track the flow of money relating to these hidden transactions between 2001 and 2007. The bank was...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.