Standard Chartered plans to hire several financial crime-fighting staff in the Middle East, according to online jobs postings, as it seeks to strengthen controls after legal and compliance problems in the United States.
The bank is hiring a head of sanctions for the Middle East, North Africa and Pakistan to ensure the bank’s work complies with sanctions requirements, as well as a regional head of learning and training within financial crime compliance, and other staff within compliance, according to postings on LinkedIn.
A spokesman for Standard Chartered said it continued to build on its investments in legal and regulatory capabilities. “We have a significant programme of work underway to enhance our capabilities, systems and controls around financial crime,” the spokesman said.
Standard Chartered has been ramping up its global staffing to police its transactions for criminal activity in recent months and in August named former JPMorgan employee Carmel Speers as head of financial crime compliance for the Middle East, North Africa and Pakistan, based in Dubai.
The British bank has had a tricky time with U.S. and New York authorities since being fined three years ago for sanctions-related violations. Deferred prosecution agreements from the 2012 deals remain in effect, and U.S. prosecutors are still investigating potential violations.
The hiring spree follows the departure of staff from other parts of the business in the region earlier this year. Viswanathan Shankar, chief executive of Europe, Middle East, Africa and Americas, resigned, while Christos Papadopoulos will stand down in October from his position as regional chief executive of the Middle East, North Africa and Pakistan.