Standard Chartered today announced the appointment of three external advisor members to its board financial crime risk committee. The banking giant announced the formation of the committee last year as part of a strategic priority to combat financial crime and continue to invest in its compliance program in the wake of multiple enforcement actions by U.S. enforcement authorities in 2012.
The committee’s responsibilities include oversight of the group’s policies, procedures, systems, controls and assurance for its anti-money laundering, sanctions compliance, corruption and tax crime prevention efforts. It also has oversight of the Financial Crime Risk Mitigation Program, a group-wide initiative to identify and embed best practices, and the group’s commitments under its 2012 and 2014 U.S. regulatory settlement agreements.
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).
The newly appointed external advisor members are:
Lazaro Campos, former chief executive officer of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a member-owned cooperative for the secure exchange of financial messages. Campos served as CEO of SWIFT from April 2007 until July 2012, and ran its banking division for four years before that. He is a management advisor and board member for digital payment ventures, advising them on funding acquisition and consulting for financial institutions worldwide in support of their innovation agendas.
Boon Hui Khoo, former commissioner of the Singapore Police Force, where he spent more than 30 years of his career before becoming senior deputy secretary at the Ministry of Home Affairs. He served as president of INTERPOL from 2008 to 2012 and is currently chairman of the organization’s steering committee to address the global trafficking of illicit goods and counterfeiting.
Frances Townsend, executive vice president for international affairs at MacAndrews and Forbes, an investment holding company. She began her career as a prosecutor for the U.S. Department of Justice and later served as assistant commandant for intelligence at the U.S. Coast Guard before joining the White House, first as deputy national security advisor for combating terrorism, then as assistant to President George W. Bush for homeland security and counterterrorism. During that time, Townsend chaired the White House Homeland Security Council.
The appointments are for two-year terms and additional advisors may be announced at a later date. Simon Lowth chairs the committee. In addition to the advisors, its members are Christine Hodgson, Naguib Kheraj, Ruth Markland, and Lars Thunell, each of whom is an existing independent non-executive director of the group.