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Report: StanChart conducting internal review of about 8,000 customer accounts

Standard Chartered PLC is conducting an internal review of approximately 8,000 customer accounts at its private bank following a discovery that it cannot explain the sources of wealth for some of its clients, Bloomberg News reported.

As per a previously unreported Dubai regulatory review conducted in 2017, the U.K.-based lender lacked current addresses and phone numbers for some customers, and lacked information on how these and other clients built up their wealth, people familiar with the matter said.

StanChart, which hired Deloitte LLC as an external consultant following the review by the Dubai Financial Services Authority, is now hoping to finish the cleanup process, with its global head for private banking and wealth management, Didier von Daeniken, among executives slated to meet with Dubai regulators in September, the newswire said.

The bank found closely related issues across the business in its investigation, with failings of similar nature identified at its hubs in Singapore, Hong Kong and London, sources added.

The development is the latest in a spate of anti-money laundering failings for the bank, which in April agreed to pay a total of $1.1 billion in settlements to resolve investigations by U.S. and U.K. authorities into the group's historical sanctions compliance and financial crime controls.