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StanChart says costly compliance upgrades almost done

The stakes are high for bank that is under investigation by regulators from US to HK

Hong Kong has been investigating the role StanChart's local unit played as a joint sponsor of an initial public offering by China Forestry Holdings Ltd in 2009.

Mr Gorriz says the bank is spending US$200 million annually over two years to boost financial crime compliance-related programs.


STANDARD Chartered plc (StanChart) said it has almost completed costly technology upgrades required to cope with stricter banking regulations worldwide, freeing it up to focus more on revenue-generating products such as digital banking.

The London-based bank spent 60 per...

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