FinCENFiles: Standard Chartered’s Problems With Suspicious Clients Didn’t Go Away. Just Like These Two Ex-Employees Had Been Saying.
the opium trade, ensuring that Britain profited from the drug addictions of millions in China, Hong Kong, and India. The combined companies now rake in more than $15 billion in revenue and employ 85,000 people in 60 different markets.
Meanwhile, the bank was also being investigated by US federal authorities. But Standard Chartered had a well-placed advocate.George Osborne, the UK’s chancellor of the exchequer at the time, wrote a letter to the Federal Reserve copying in Timothy Geithner, then the US secretary of the Treasury, to discuss his “concerns.”
A spokesperson for Geithner told BuzzFeed News the Treasury secretaries have “no authority over criminal prosecutions” and that “such matters are handled independently by the Department of Justice and the bank regulators respectively.” The spokesperson added that Geithner “did not push for lenient treatment for Standard Chartered from the US government.”Chandra was working
He dug out a compact disc that had all the company emails, profit reports, and transaction spreadsheets he had downloaded before leaving the bank. Through a friend, he passed it to the Treasury Department. “I am a Special Agent with the FBI who is the case agent on the investigation into Standard Chartered,” Komar wrote in an email obtained by BuzzFeed News. “I would like to speak with you.”
In October 2014, Chandra reported getting his first death threat. In an email to Komar, he quoted the caller saying, “We know you helped Americans, its not good and we will take care of you.”Chandra said Komar suggested he call the local police. It was the last, Chandra said, that he would hear from Komar for two years., angered by how they had been treated by both the bank and the FBI, turned to American courts.
The retaliation lawsuit, and any last chance of vindication from the courts for Chandra and Knight, is still pending.The Bank's Own SuspicionsChandra and Knight had expressed concerns The Dubai-based company was accused by the Treasury of laundering cash for the Taliban. Two years after the sanctions were issued, Standard Chartered’s compliance staff filed a suspicious activity report showing that the bank had facilitated “multiple transactions” for Al Zarooni Exchange in 2009 and 2010. During that time, Taliban militants staged violent attacks that killed civilians and soldiers. Al Zarooni could not be reached for comment.
In April 2019, seven years after Standard Chartered entered into its deferred prosecution agreement, US Attorney Jessie Liu announced that the bank’s transactions for Iranian clients had “undermined the integrity of our financial system and harmed our national security.”
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