Standard Chartered

London, United Kingdom

60 Locations

Standard Chartered is a multinational bank that provides a wide range of financial services, including retail and corporate banking, investment banking, and wealth management to customers around the world. The bank operates in various regions, particularly in Asia, Africa, and the Middle East, focusing on the needs of individuals and businesses in emerging markets.

CCI Score

-18.12

0.01% April 18

Latest Event

Accusations of Falsified Transaction Data to Aid Terror Financing

Standard Chartered is accused of falsifying transaction data on the Swift system, allegedly facilitating billions of dollars in transactions linked to designated terrorist groups. The bank also avoided prosecution in 2012 following government intervention, raising concerns about its ethical business practices and political accountability.

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ENABLER

Standard Chartered is currently rated as an Enabler.

-10 to -19 CCI Score

Companies in this segment facilitate authoritarian practices while claiming neutrality. They provide resources or support that indirectly bolster oppressive regimes, thereby undermining democratic accountability without overtly endorsing the regime.

Latest Events

JUN

04

2024

Accusations of Falsified Transaction Data to Aid Terror Financing
-63.32

Standard Chartered is accused of falsifying transaction data on the Swift system, allegedly facilitating billions of dollars in transactions linked to designated terrorist groups. The bank also avoided prosecution in 2012 following government intervention, raising concerns about its ethical business practices and political accountability.
-60

Public and Political Behavior

April 2

The allegations indicate that Standard Chartered manipulated transaction data, which in conjunction with government intervention to avert prosecution, undermines transparency and signals problematic political influence. This behavior damages public trust and represents a harmful form of public and political misconduct.

Standard Chartered: UK bank accused of helping to fund terrorists
-80

Business Practices and Ethical Responsibility

April 2

The bank is accused of engaging in unethical business practices by allegedly falsifying key transaction data, thereby enabling billions of dollars in transactions that may have benefited terrorist groups. Such actions reflect a deep disregard for ethical standards and legal obligations in the financial sector.

Standard Chartered: UK bank accused of helping to fund terrorists
JUN

04

2024

Allegations of Terror-Linked Transactions by Standard Chartered
-72.48

Whistleblowers allege that Standard Chartered processed over $100 billion in transactions for terror groups and Iranian-related entities between 2008 and 2013, including payments for groups linked to Hamas, Al-Qaeda, and others. The allegations, based on forensic analysis of hidden spreadsheet data, suggest that the bank continued such practices even after claiming to have closed its Iranian operations in 2007.
-70

Public and Political Behavior

April 2

The allegations that Standard Chartered facilitated billions in transactions for terror-linked entities undermine political accountability and public trust, contributing indirectly to the destabilization of democratic processes and enabling extremist influences.

Standard Chartered processed payments for terror groups and Iran, lawsuit says - MarketWatch
-90

Business Practices and Ethical Responsibility

April 2

The alleged processing of payments on behalf of sanctioned and terror-linked entities represents a severe breach of ethical business practices. This conduct not only violates international sanctions but also indirectly supports extremist groups, compromising the bank’s responsibility towards societal and ethical standards.

Standard Chartered processed payments for terror groups and Iran, lawsuit says - MarketWatch
OCT

01

2023

Allegations of Complicity in Myanmar Military Banking
-51.39

A page on the Business & Human Rights Resource Centre reports that Standard Chartered is alleged to hold correspondent accounts with banks controlled by Myanmar's military. This allegation raises concerns over the bank’s ethical responsibilities and its potential role in indirectly supporting an authoritarian regime, prompting the bank to initiate a Company Response Mechanism.
-60

Business Practices and Ethical Responsibility

April 2

The allegation that the bank holds correspondent accounts in financial institutions under the control of Myanmar's military suggests a problematic business practice. Such arrangements can contribute to the financial enablement of authoritarian regimes. The need for a corporate response mechanism highlights the ethical accountability Standard Chartered is being asked to address.

Standard Chartered - Business & Human Rights Resource Centre
OCT

01

2023

Shareholder Challenge on Net Zero Commitment
34.26

Standard Chartered shareholders are urging the bank to align its investment practices with its stated net zero emissions pledge, highlighting a gap between the bank's promise and its continued involvement in fossil fuel investments.
+40

Business Practices and Ethical Responsibility

April 2

This event reflects shareholder activism aimed at holding Standard Chartered accountable for its environmental claims. By challenging the bank to align its investment practices with its net zero pledge, the shareholders are pushing for sustainable and ethical business practices that can mitigate harmful impacts on marginalized communities disproportionately affected by climate change.

Standard Chartered shareholders challenge bank to live up to net zero promise on fossil fuels
JAN

01

2023

Publication of Modern Slavery Statement
31.79

Standard Chartered has released its 2023 modern slavery statement summary, outlining measures to mitigate forced labor risks in its supply chain and demonstrating increased transparency and accountability in ethical sourcing.
+40

Supply Chain Ethics

April 2

By publishing its modern slavery statement, Standard Chartered shows a proactive commitment to addressing forced labor risks within its supply chain. This transparency in supply chain management is a positive step towards upholding human rights and ethical business practices, which aligns with progressive anti-authoritarian principles.

STANDARD CHARTERED PLC modern slavery statement summary (2023)
APR

19

2022

Protests over Fossil Fuel Financing at Standard Chartered
-37.03

Activists worldwide have protested Standard Chartered's continued financing of fossil fuel projects ahead of an upcoming AGM vote on ending such financing. The bank claims to support net zero by 2050, but its actions have sparked criticism for undermining its own environmental pledge.
-50

Business Practices and Ethical Responsibility

April 2

Standard Chartered's financing of projects that expand fossil fuel production directly contradicts its stated commitment to net zero by 2050. This inconsistency not only misleads stakeholders but also contributes to environmental degradation that disproportionately affects marginalized communities. As protests erupt both locally and globally, the bank's actions are seen as prioritizing profit over ethical responsibility and environmental justice.

Standard Chartered Bank hit with protests on opposite sides of the world as fossil fuel vote approaches
JAN

01

2018

Enhanced Supply Chain and Labor Practices Against Modern Slavery
31.32

Standard Chartered revised its supplier contract templates and launched initiatives such as a newly revised Supplier Charter and living wage commitments to address modern slavery and human trafficking risks in its supply chain. The bank has integrated supplier screening, risk assessments, and staff training in high-risk jurisdictions to mitigate the exploitation of vulnerable groups.
+70

Supply Chain Ethics

April 2

The bank’s initiative to revise contract templates for new suppliers to incorporate explicit obligations against modern slavery represents a significant positive step in ensuring supply chain ethics. This proactive approach helps to reduce risks associated with human trafficking by enforcing strict compliance among high-risk suppliers.

Human Trafficking in Supply Chains – Financial Sector: Standard Chartered Bank
+60

Labor Relations and Human Rights Practices

April 2

The bank's commitment to the UK Living Wage charter and the development of training for frontline staff underscore its strong stance on labor rights and human rights practices. By ensuring fair pay and enhancing awareness among its employees, Standard Chartered advances anti-exploitative and ethical labor standards.

Human Trafficking in Supply Chains – Financial Sector: Standard Chartered Bank