Standard Chartered appoints new directors in financial crime crackdown following £425m fines

Tim Wallace
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StanChart was fined in 2012 for breaking sanctions against Iran (Source: Getty)

Embattled bank Standard Chartered yesterday appointed a new committee of directors to combat financial crime.

It also hired another nine experi­enced execs from across the business, finance and regulatory world to beef up its compliance functions.
StanChart is still hosting investigators sent by US regulators in the wake of its $667m (£425m) fines in 2012 for breaking sanctions against Iran, among other probes.
Earlier this week, the deferred prosecution agreement with the New York Department of Financial Services (DFS) was extended by another three years, extending the scrutiny of the lender.
“Over the past two years, we have dedicated an enormous amount of re­sources, investment, training and man­agement attention to our financial crime compliance programmes,” said the bank’s chairman Sir John Peace. “The formation of this committee, together with the substantial build out of our financial crime compliance function, demonstrates our commitment to strong conduct and compliance at all levels of the organisation.”

Committee members (from top): Naguib Kheraj, Ruth Markland, Simon Lowth and Christine Hodgson

The committee is made up of five independent non-executive directors: Simon Lowth, Christine Hodgson, Naguib Kheraj, Ruth Markland and Lars Thunell.
StanChart has also hired nine executives for its Financial Crime Com­p­liance (FCC) unit.
Patricia Sullivan will head the unit in the Americas. She comes from UBS, and before that worked as assistant district attorney in New York.
And Hui Chen has been appointed head of anti-bribery and corruption compliance.
She previously worked in compliance at Pfizer, and as a federal prosecutor in the US.

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