The much-discussed comment this week, by the Chairman of Standard Chartered, betrays an obvious culture of "business as usual," when it comes to sanctions violations. Though retracted later by the bank's spin masters (PR staff), his quote, that the large number of Iranian sanctions violations were all "clerical errors," insults our intelligence. That's the best he can do ? His compliance staff failed to catch all of them ? Come on, Mr. Chairman.
Individuals in command who know that their bank can handle a huge financial penalty for AML/CFT or sanctions violations, due to their large profit picture, are laughing at regulators, as they rake in ever-increasing profits. Until those in charge are held personally liable for the repeated sins and transgressions committed by regularly and repeatedly by major international banks, the violations will continue ad infinitum.
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