Standard Chartered CEO Bill Winters confirmed the bank closed accounts associated with A7, a Kremlin-backed fintech company, after an internal review revealed suspicious transactions. The Financial Times exposed A7's extensive document forgery scheme, which enabled the movement of more than $6.9 billion through international banks despite sanctions on Russia. A7, established as an alternative to the Western payments system, used front companies and counterfeit invoices to mask transactions, including those for war-related goods and Russian security services.
The investigation, based on thousands of leaked documents from A7, showed that Standard Chartered's Hong Kong accounts alone received $1.1 billion from A7-linked entities between late 2024 and August 2025. Other banks implicated included DBS, which received $273 million, Citigroup ($74 million), and Deutsche Bank ($18 million). A7 also utilized accounts at First Abu Dhabi Bank, JPMorgan Chase, and other institutions globally, with Chinese bank accounts being the final destination for over half of the illicit flows. The scheme relied on exploiting vulnerabilities in the SWIFT system, where inadequate checks by sending banks allowed A7 to funnel payments.
Winters emphasized Standard Chartered's commitment to anti-money laundering protocols, stating that the bank proactively identified and shut down these accounts after detecting red flags, such as payments being sliced into smaller amounts to avoid reporting thresholds. A7 initially routed large volumes through Kyrgyz banks before shifting operations to the UAE after Standard Chartered raised suspicions and closed accounts in February 2025. This incident highlights the challenges in maintaining the integrity of traditional correspondent banking amid sophisticated money laundering attempts.
