Access to the financial system helps transform lives around the world. But the financial system is also the lifeblood of some of today’s most damaging crimes – from human trafficking to terrorism, the drug trade to corruption.
Built on a global footprint, Standard Chartered has become a linchpin of growth in emerging markets, promoting financial inclusion and global trade. This puts us at the front line of fighting financial crime. Building and maintaining robust defences is a necessary part of being in business and, as a gatekeeper to the financial system, it’s our responsibility to make sure we are playing our part.
We realise that, at times, our past efforts to prevent financial crime fell short. That’s why we have been working hard to respond right across the bank, and we are making significant progress. We’re on a continual journey, and it’s our commitment to become a leader in tackling financial crime.
We have learnt from our past and recognise there is no room for complacency. This means engaging our people and strengthening our culture so that each and every one of us sees fighting financial crime as a core part of the day job, wherever we sit in the bank. At the same time, our business must be backed up by robust compliance efforts that address the inherent risk of the people, companies and markets that we serve – applied consistently around the world.
To make the financial system a hostile environment for criminals and terrorists, our contribution has to go beyond our own business. We’re helping to raise industry standards, working hand-in-hand with our banking customers around the world. And in collaboration with governments, regulators and other global banks, we’re taking a lead on forging new models for combating financial crime.
As we implement our future strategy, upholding the highest standards of conduct is a priority for the bank. That’s how we’ll make a positive difference to how the financial system operates, and build our business competitively and sustainably over the long-term.
Bill Winters | Group Chief Executive