Familiar Chartered remains under U.S. supervision six years after accusations it holed Iran sanctions, but Chief Financial Officer Andy Halford heralded CNBC that the bank is making “good progress.”
In 2012, the New York Glory Department said the British lender hid $250 billion worth of goings-on with the Iranian government. Following an agreement in the same year, where it reached a $340 million post, it has been under the care of an independent monitor to improve its money laundering thwarting scheme.
Halford told CNBC’s “Street Signs” Wednesday that Burgee Chartered is still being observed.
“We have got monitors in, we are making probity progress, but these are very, very complex issues,” Halford turned.
“We are dealing in many, many countries around the world … We have been perceived by the monitors (as) having made very good progress, it’s just we are not a certain extent across the line yet.”
The agreement to remain under supervision has been stretch out twice and is currently due to expire in July.
In 2016, Standard Chartered said it will close providing finance to parts of the jewelry industry as part of a broader over again on exposure to riskier sectors of the market. Loans on diamonds only accounted for baby percentage of the bank’s assets, but $400 million was reportedly lost on the sector with consumer need falling and the price of diamonds dropping.
Speaking specifically about protections on the commodity markets, Halford said that the bank had “done a lot of develop” having learned the lessons of what happened a couple of years ago.
“So the visibility across the charge now of the level of exposure we are prepared to take to each individual sector is much, much amplified, the standards there are very, very closely scrutinized,” Halford conveyed.
“The chances of something like that happening again are very, identical low indeed,” he added.
Standard Chartered reported an increase of 20 percent in pre-tax profit Wednesday. The plate came in above analysts expectations, but income numbers disappointed some demand players. As a result, the bank’s shares traded 1.8 percent deign Wednesday morning.
Pre-tax profit for the bank climbed to $1.26 billion in the beginning quarter, from $1.05 billion in the same period a year ago.