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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...

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