Legal Business Blogs

Standard Chartered rejigs in-house with new deputy GC and financial crime trio

Standard Chartered has made several senior appointments to its in-house legal team, bolstering its financial crime compliance (FCC) unit and recruiting ICAP’s group general counsel (GC) Duncan Wales as deputy GC to help ‘manage legal affairs’.

Wales joined the London-listed electronic inter-dealer broker ICAP in 2008 and served in a number of senior roles in the business including as director of government affairs, EMEA and Asia GC, and senior counsel to the electronic broking division. He started his legal career at Clifford Chance and worked in-house at ING Barings. Wales will now work alongside Standard Chartered group GC David Fein in managing the London-headquartered bank’s legal team.

The bank has also expanded its FCC team by recruiting a trio of new lawyers including GE Capital duo Steve Munro, who will serve as head of sanctions compliance, and David Clark, who has been appointed as head of surveillance analysis and academy.

New York-based Munro previously headed GE’s global anti-money laundering division, and held several positions at Société Generale and served as deputy chief counsel for the US Treasury’s Office of Foreign Assets Control. At GE, Clark headed international FCC and previously worked at Barclays, ABN Amro and HM Revenue Customs & Excise. He will be based in London and report to Markus Schulz, head of FCC controls. Lastly the bank has recruited Carmel Spears from JP Morgan Chase to head FCC for the Middle East, North Africa, and Pakistan from Dubai.

The new appointments will report to the bank’s global head of FCC and money laundering reporting officer, John Cusack, who said: These appointments bring significant experience and additional talent to the function, supporting our drive to combat financial crime and further enhance our compliance programmes.’

The lender shuffled its legal management team last month after global head of legal and compliance Jamie Kelly went on sabbatical. Global head of legal and compliance business segments Neil Barry is now acting in the role while Fein took on responsibility for corporate secretariat from Annemarie Durbin.