Bank names ex intelligence chief as compliance officer

Standard Chartered bank has appointed a former US military intelligence officer to head its sanctions compliance in New York, where the Asia-focused bank’s conduct is under scrutiny from authorities.

London-based Standard Chartered yesterday said it made several appointments to its financial crime compliance team. Standard Chartered has had a tough time with US and New York authorities since being fined three years ago for sanctions-related violations. Deferred prosecution agreements from the 2012 deals remain in effect.

The bank said Steve Munro would head its sanctions compliance, based in New York. Mr Munro joins from GE Capital, where he was global anti-money laundering leader.

Previously, he was deputy chief counsel for the US Treasury’s Office of Foreign Assets Control and a US military intelligence officer.

It also named Carmel Speers as head of compliance for the Middle East, North Africa and Pakistan; David Clark as head of surveillance and analysis; and Duncan Wales, as deputy general counsel in London.

The bank said it had taken a number of steps to address possible shortcomings in recent months and has formed a board-level financial crime risk committee

Reuters