Tackling Financial Crime
Helping protect against financial crime
Upgraded anti-money laundering monitoring systems in the UK and US
Improved sanctions screening systems operational in major payment centres
As a bank, Standard Chartered is in a unique position to contribute to the fight against financial crime. It is vital that we keep pace with new threats as they emerge. And we must have the best processes in place to protect us and our customers and to minimise the impact of financial crime on the communities we serve.
In 2006, global money laundering was estimated at over USD500 billion1. In the political arena, this criminal activity is increasingly linked to international terrorism and, as a result, is subject to more stringent sanctions and regulations.
At Standard Chartered, we go beyond the minimum legal requirements, setting standards that lead by example. Tackling financial crime is an area where we can have a significant influence on our industry. The procedures we adopt will improve our understanding of our customers and help protect their business as well as helping us build a sustainable business for the Bank and the communities we operate in.
ยน Source: United Nations Office of Drugs & Crime, 2006
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