London-based Standard Chartered today announced a trio of appointments as the banking giant continues to beef up its efforts to combat financial crime following multiple enforcement actions by U.S. enforcement authorities in 2012.
As Compliance Week previously reported, Standard Chartered in 2012 reached a $340 million settlement with the New York Department of Financial Services over allegations that the bank willfully ignored Iranian sanctions. During that time, the bank further agreed to forfeit $227 million to the Department of Justice for conspiring to violate the International Emergency Economic Powers Act (IEEPA).
In the wake of the enforcement actions, Standard Chartered announced the formation of a Financial Crime Risk Committee in 2014. The new appointments are as follows:
Steve Munro, a former U.S. military intelligence officer, as head of sanctions compliance. He will report directly to John Cusack, global head of financial crime compliance and money laundering reporting officer. Munro joins Standard Chartered from GE Capital, where he was global anti-money laundering leader.
Carmel Speers, who joins the bank from JP Morgan, will serve as head of financial crime compliance for the Middle East, North Africa, and Pakistan;
David Clark, formerly head of international financial crime compliance at GE Capital, will serve as head of Surveillance Analysis and Academy; and
Duncan Wales, who will join the bank in September as deputy general counsel in London.
The announcement of these appointments come one week after the bank appointed Mark Smith as its new group chief risk officer, based in London. Pam Walkden will continue as interim group chief risk officer until Smith joins the bank in January 2016.