Standard Chartered Bank deferred prosecution agreement

Earlier this year, Standard Chartered Bank settled a deferred prosecution agreement in the US which includes $1 billion in financial enforcement plus a number of actions which the bank should take immediately.

The bank was negotiating to accept guilt over the violation of the sanctions regime while employees continued systematically finding more ways to offer sanctions clients with ways to avoid the impact of sanctions.

The investigation showed that the conduct was possible given the fact that compliance departments were not properly sourced.

As per recent studies and as highlighted in the link herein, the mindset of business and relationship managers has remained isolated from the regulatory change, making possible to criminals to conduct business with the willing cooperations of sales departments.

This point was noted by the FATF report in private banking according to which, the more complex risk to handle is the lack of a compliance culture as business model take longer to adapt to regulation.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.

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