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StanChart Has Meteoric Jump in Financial Crime Compliance Spend

  • CEO said bank has transformed its approach to risk management
  • Lender continues to cooperate on U.S. iran sanctions probe
Standard Chartered Chairman Jose Vinals Attends Earnings News Conference
Photographer: Anthony Kwan/Bloomberg

Standard Chartered Plc Chief Executive Officer Bill Winters says the emerging markets lender is determined to play a “leading role” in fighting financial crime as it battles ongoing conduct and compliance issues.

"Since 2012 we have transformed our approach to financial-crime controls and risk management," Winters said on a call with analysts on Wednesday. "We’ve seen an almost ten-fold increase in our annual financial crime compliance spending and a more than seven-fold increase in headcount dedicated to this."