Standard Chartered have Joined the Wolfsberg Group of International Financial Institutions

Standard Chartered PLC announces it has joined the Wolfsberg Group, an association of global banks that together develop industry standards for Know Your Customer, anti-money laundering and counter-terrorist financing.

Standard Chartered was one of two banks invited to join the organisation this year, in the first expansion of the Wolfsberg Group’s membership since its inception in 1999. Its membership was unanimously approved by the founding members.

In its announcement, the Wolfsberg Group cited Standard Chartered’s “global footprint, important business lines and thought leadership in financial crime compliance” (see full announcement here).

“We are very honoured to be accepted for membership in the Wolfsberg Group,” said Sir John Peace, Chairman of Standard Chartered PLC. “Not only is membership an important recognition of our efforts to fight financial crime around the world, it is also a reflection of our commitment to further progress within our own institution and throughout the industry.”

In recent months Standard Chartered has taken a number of steps in support of its strategic priority of combating financial crime and investing in its conduct and compliance programmes. These include formation of a board-level Financial Crime Risk Committee whose members include global leaders in intelligence and security, law enforcement and payments processing, doubling of headcount and new senior leadership in Financial Crime Compliance and membership in the Joint Money Laundering Intelligence Taskforce, a national financial crime prevention alliance of UK banks, police and law enforcement and key government bodies.

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