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October 10, 2015 1:44 AM ET


Company Overview of Standard Chartered Bank (Thai) Public Company Limited

Company Overview

Standard Chartered Bank (Thai) Public Company Limited provides a range of banking products and services to retail, corporate, and institutional customers in Thailand. The company accepts deposit products, such as current and savings accounts, and time deposits; and offers loan products, including installment loans, overdrafts, and mortgages. It also provides working capital solutions, bancassurance products, business expansion and loan products, and foreign exchange solutions; and investment products comprising mutual funds, capital protected products, foreign currency investment, and fixed income products. In addition, the company offers education, retirement, investment, legacy, and protec...

90 North Sathorn Road



Bangkok,  10500


Key Executives for Standard Chartered Bank (Thai) Public Company Limited

Chief Executive and President
Regional Head of Consumer Banking
Executive Director and Chief Financial Officer
Group Chief Executive Officer, Director, Member of Corporate Responsibility & Community Committee and Member of Group Management Committee
Age: 63
Chief Executive Officer for Canada
Compensation as of Fiscal Year 2015.

Standard Chartered Bank (Thai) Public Company Limited Key Developments

Standard Chartered Bank Presents at 2015 North America Assembly and Dinner, Oct-06-2015 03:40 PM

Standard Chartered Bank Presents at 2015 North America Assembly and Dinner, Oct-06-2015 03:40 PM. Venue: Four Seasons Hotel, Houston, TX, United States. Speakers: Peter Gaw, Managing Director, Global Head Oil & Gas.

Standard Chartered Bank Appoints Damien Cummings as Global Head of Digital Marketing

Standard Chartered Bank announced the appointment of Damien Cummings as Global Head of Digital Marketing. He will join the Bank in June 2015 and be based in Singapore, reporting directly to Sanjeeb Chaudhuri, Group Head of Brand and Chief Marketing Officer. Damien is currently Vice President and Chief Marketing Officer at Philips ASEAN and Pacific. He has over 20 years of experience in digital and marketing transformation. He is currently responsible for brand, communications and digital marketing across Philips Consumer Lifestyle, Philips Lighting and Philips Healthcare. Prior to joining Philips, he was the Regional Marketing Director, Digital and Social Media at Samsung Asia. Damien has also worked at major global corporations in Australia and Singapore including Dell, Ogilvy, Citibank, Coca-Cola, NRMA and McKinsey & Company. Damien will be responsible for providing digital and mobile marketing thought leadership as well as strategy formulation and execution.

NYDFS Announces Standard Chartered Bank to Suspend Dollar Clearing for High-Risk Clients in Hong Kong

The New York State Department of Financial Services, announced an order regarding Standard Chartered Bank's failures to remediate anti-money laundering compliance problems as required in the Bank's 2012 settlement with the New York State Department of Financial Services (NYDFS). Under the order, SCB will suspend dollar clearing through its New York Branch for high-risk retail business clients at its SCB Hong Kong subsidiary; exit high-risk client relationships within certain business lines at its branches in the United Arab Emirates; not accept new dollar-clearing clients or accounts across its operations without prior approval from DFS; pay a $300 million penalty; as well as take other remedial steps. SCB's compliance remediation failures were uncovered by DFS' independent monitor, which the Department installed at Standard Chartered as part of the 2012 agreement. The DFS monitor's review of Standard Chartered's transaction monitoring systems found that the Bank failed to detect a large number of potentially high-risk transactions for further review. A significant amount of the potentially high-risk transactions the system has failed to detect originated from its Hong Kong subsidiary (SCB Hong Kong) and SCB's branches in the United Arab Emirates ("SCB UAE"), among others. In connection with the implementation of its transaction monitoring system, SCB NY had created a rulebook ("SCB Rulebook") with procedures to aid it in detecting high-risk transactions. The SCB Monitor gathered information and attempted to test the SCB Rulebook. After that review, the Monitor determined that the SCB Rulebook contained numerous errors and other problems, resulting in SCB's failure to identify high-risk transactions for further review. SCB failed to detect these problems because of a lack of adequate testing both before and after implementation of the transaction monitoring system, and failed to adequately audit the transaction monitoring system. Under today's order, Standard Chartered will take a number of steps, including the following SCB NY will suspend its dollar clearing operations for high-risk retail business clients of SCB Hong Kong. Additionally, SCB has commenced a process of exiting high-risk small and medium business clients ("SME") at SCB UAE. If exiting of the SME clients at SCB UAE is not completed within 90 days, SCB will suspend U.S. Dollar clearing through SCB NY for those clients. SCB NY will not, without the prior approval of DFS - in consultation with the monitor - open a U.S. Dollar demand deposit account for any customer who does not already have such an account with SCB NY. SCB will pay a $300 million penalty. SCB will provide a comprehensive remediation action plan with appropriate deadlines and benchmarks. SCB will appoint a competent and responsible SCB executive who will report directly to the SCB CEO to oversee the remediation. SCB will extend the engagement of the Monitor for two additional years. SCB will implement a series of enhanced due diligence and know-your-customer requirements - such as demanding greater information regarding the originators and beneficiaries of transactions - for its dollar clearing operations.

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