Standard Chartered CEO Says Bank Closed Accounts of Russian Money Laundering Ring
· Business · Bloomberg, BBC News
Standard Chartered Plc CEO Bill Winters confirmed the bank shut down accounts used by a Russian money laundering ring after detecting attempts to circumvent Western sanctions following the invasion of Ukraine. The action followed a Financial Times report on Tuesday naming Standard Chartered among several international banks deceived into moving over $6.9 billion for a Russian government-backed fintech. Winters stated the bank had taken money from "bad guys" but its systems identified the sanctions-busting activity. The revelations emerged during Winters' remarks at Bank of America Corp.'s annual financials CEO conference on September 22, 2026.
Why it matters
The closure disrupts a channel used to move billions in sanctioned Russian funds, highlighting intensified scrutiny on Western banks' compliance systems. It underscores the difficulty financial institutions face in policing complex sanctions evasion networks linked to the Ukraine conflict.
Read the original report — Bloomberg
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.