Standard Chartered has hired Iain Lobban, a former head of GCHQ, the surveillance arm of Britain’s intelligence agencies, as a senior advisor in its financial crime risk committee to tackle financial crime.
The London-based bank created its risk committee in December 2014 as a strategic priority to address cybercrime and compliance issues. The committee was set up after a $670m fine was imposed on the bank in 2012 for breaching US sanctions on Iran.
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The committee also includes former president of Interpol Khoo Boon Hui, former assistant to the US president for homeland security and counterterrorism Frances Townsend, and former head of the interbank payments system Swift, Lazaro Campos.
Lobban served as director of GCHQ from 2008 to 2014, having earlier held the role of director-general of operations from 2004. He departed from GCHQ in October last year.
Referring to Lobbban’s appointment, Standard Chartered chairman John Peace said: "We look forward to having the benefit of his extensive experience as we advance our financial crime-fighting efforts. Cyber-security has been at the heart of Sir Iain’s role in recent years."
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