Cusack is a leading practitioner in compliance and financial crime risk management who joins Standard Chartered after a long and successful career with UBS, where he was Group Managing Director and Deputy Global Head of Compliance. He succeeds David Howes, who will continue to play a leading role in delivering the Bank's financial crime compliance agenda and its Financial Crime Risk Mitigation Programme, supporting Cusack.
'We are delighted to welcome someone of John's calibre to Standard Chartered', said Peter Sands, Group Chief Executive. 'Combating financial crime is of utmost importance to Standard Chartered, and John's experience will build on the considerable investments already made in developing our expertise across the function'.
Cusack is a member and former chair of the Wolfsberg group, a global association of banks that aims to develop financial services industry standards, and related products, for know-your-customer, anti-money laundering and counter-terrorist financing policies. As MLRO, Cusack will act as risk control owner for regulatory compliance related to anti-money laundering, sanctions and anti-bribery.
In his new role, Cusack will report to Jamie Kelly, Group Head of Legal and Compliance, and Tracy Clarke, Director of Compliance, People and Communications. He will commence his role during August 2014 and will be based in London.
Tracy Clarke commented: 'John's appointment is part of our continued investment in specialist capability to ensure we are best placed to tackle financial crime. We have a significant programme of work underway to enhance our capabilities, systems and controls around financial crime and this appointment will serve to reinforce our execution of this important programme.
'I'd also like to thank David Howes for his outstanding leadership of our financial crime compliance team to date, and I look forward to working with them both in the coming months'.