StanChart says costly compliance upgrades almost done
The stakes are high for bank that is under investigation by regulators from US to HK
Sat, Mar 25, 2017 - 5:50 AM
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.