Standard Chartered names Singaporean to advise financial crime risk committee

SRINGAPORE - Standard Chartered announced today the appointment of three external advisors to its board financial crime risk committee, which was announced recently as part of its compliance efforts.

Mr Lazaro Campos, former chief executive of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), along with former Interpol president Khoo Boon Hui and former homeland security assistant for the United States President Frances Townsend, will be appointed as the committee's external advisors for a two year term, the British bank said.

The appointments came just months after Standard Chartered announced in December 2014 the formation of the committee to combat financial crime and improve compliance capabilities. It will be chaired by Mr Simon Lowth.

The committee's responsibilities will include oversight to the group's policies, procedures and systems for its anti-money laundering, corruption and tax crime prevention, among other areas.

Compliance issues are becoming the key concern among European banks in recent times, following news of alleged wrongdoings by several established international institutions.

The latest to come under worldwide scrutiny was HSBC, which was said to be involved in money laundering activities through its private banking unit in Switzerland.