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Sanctions

The Group is legally required to comply with sanctions imposed by the authorities, including the UK and US governments, as they impact our business. We screen transaction messages and customer names to identify parties who may be sanctioned before the processing or opening of accounts. Where this screening generates possible matches, termed ‘alerts’, these are then reviewed to determine whether or not sanctions apply. In 2010, we reviewed over 500,000 such alerts every month.

In 2010, as part of our ongoing programme of development, we made our screening process even more sophisticated, extending it to payment messages containing non-alphabetical characters. We also trained over 2,000 staff in sanctions procedures and shared our expertise in screening account names and transactions with other banks, regulators and industry groups.

Sanctions: Case study

Contributing to industry guidance on sanctions compliance

In 2010, the Joint Money Laundering Steering Group issued its first guidance to the UK financial services industry on sanctions compliance. Standard Chartered was an active participant in the industry team that developed and drafted this guidance, which is among the first of its kind in the world.

In another major market we were asked by the Central Bank to present at an industry forum, to discuss how we had incorporated sanctions requirements into our operations. Subsequently, we were invited to provide a White Paper on best practice in this area. Currently, the Central Bank is reviewing our submission as part of its plans to provide direction on sanctions to financial institutions in 2011.

Annual Report and Accounts 2010