The Group claims that it increased headcount that is related six-fold and has made substantial investments. It adds that it has made modifications and created a Board Financial Crime Risk Committee, whose members consist of outside advisers and independent directors with backgrounds in law enforcement and domestic security.
Standard Chartered PLC (LON:STAN) has previously today declared It Will pay a total of $947 million in monetary penalties to a number of U.S. Agencies and #102 million into the UK Financial Conduct Authority in order to solve the previously revealed investigations by the U.S. Department of Justice (DOJ), the Office of the District Attorney for New York County (DANY), the New York State Department of Financial Services (DFS), the Board of Governors of the Federal Reserve System and the U.S. Treasury’s Office of Foreign Assets Control and the FCA in its historical sanctions compliance and fiscal crime controls.
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The resolutions include no compliance monitorships and the monitorships previously imposed from the DFS and the DOJ were terminated on March 31, 2019 and December 31, 2018 , respectively.
Its sanctions compliance groups have also significantly expanded and introduced due diligence requirements for new and existing customers. Other improvements to the Group’s financial offense compliance include: mandatory annual training for all staff on sanctions, anti-money laundering and anti-corruption; new technologies including artificial intelligence and machine learning to encourage its screening and investigations procedures; along with the constitution of a dedicated cyber financial crime intelligence unit in the U.S.
Standard Chartered stresses it has cooperated totally and proactively with the investigations. The Group discussed the results with the authorities and also has conducted its own thorough accountability review.