Former GCHQ director tapped for Standard Chartered's risk committee

London-based bank Standard Chartered has tapped Sir Iain Lobban, the former director of the Government Communications Headquarters (GCHQ), to serve on its risk committee.

Lobban, who led GCHQ during the Edward Snowden controversy, left the organization last October, according to the Guardian.

The former GCHQ director will be joining former Interpol President Khoo Boon Hui; former U.S. Homeland Security Advisor Frances Townsend; and former SWIFT CEO Lazaro Campos, to advise the bank's board on how to prevent financial cybercrime.

The committee was assembled to help restore Standard Chartered's reputation with US authorities after the bank was penalised £437 million in 2012 after it breached sanctions that the US had imposed on Iran.

The bank's financial performance dwindled in the aftermath and it has issued three profit warnings in the last year. Lobban will serve a two-year term for an undisclosed amount. 

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