A regulatory review from Dubai found that Standard Chartered’s private banking arm was overseeing accounts that significantly lacked «know-your-client» data ranging from wealth sources to even current addresses and phone numbers.
The review occurred two years ago, anonymous sources told «Bloomberg», and Standard Chartered was ordered to invite an external consultant to independently monitor how it resolved the issues. The bank swiftly proceeded to select Deloitte which was involved in the remediation of client accounts.
Senior executives, including global private banking head Didier von Daeniken, were scheduled to meet Dubai regulators this month, the sources added.
Not Just Dubai
According to the sources, similar issues have been discovered in other hubs including Singapore, Hong Kong and London. The private bank is in the midst of internally reviewing mourned 8,000 accounts while receiving support from Deloitte.
«Standard Chartered’s private bank has made tremendous strides over the past few years, in terms of its business performance and equally in setting industry-leading standards for client due diligence,» the bank said in a statement.
