Standard Chartered has formed a new board committee that will be responsible for financial crime compliance.

The new Board Financial Crime Risk Committee (BFCRC) that will assume responsibilities on 1 January 2015 and will be chaired by Simon Lowth, who has been a non-executive director at the bank since 2010.

The committee will be responsible for managing the group’s policies, procedures, systems, controls and assurance for anti-money laundering, sanctions compliance, and prevention of bribery, corruption and tax crime.

In addition, the committee will also manage the group’s financial crime compliance programme including the financial crime risk mitigation programme and its commitments under the 2012 and 2014 orders.

Moreover, Standard Chartered bolstered its financial crime compliance (FCC) team in London, Newark, Dubai, Singapore and Johannesburg by hiring nine senior executives from other banks, including Lloyds Banking Group, UBS and Barclays.

At the same time, Standard Chartered is also in the process of hiring three or more advisers as members of the BFCRC to combat financial crime.

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John Peace, chairman of Standard Chartered, said: "The formation of this committee, together with the substantial build out of our financial crime compliance function, demonstrates our commitment to strong conduct and compliance at all levels of the organization."

In 2014, Standard Chartered has almost doubled its FCC staff and will continue to invest more in 2015. It has also hired in front-line financial crime prevention areas such as customer due diligence and second-line transaction monitoring.