Standard Chartered CEO Bill Winters confirmed the closure of accounts linked to the A7 network, a payment infrastructure allegedly used to bypass Western sanctions. The bank identified suspicious activity in February 2025, involving high-volume payments originating from banks in Kyrgyzstan.
Between late 2024 and August 2025, the bank's Hong Kong operations processed approximately $1,1 billion connected to entities within the A7 network. The scheme reportedly moved more than $6,9 billion through the global financial system using shell companies and forged invoices.
The A7 network utilized manipulated customs codes and trade documentation to disguise transaction origins, with some funds linked to Russian military procurement. Other financial institutions, including First Abu Dhabi Bank and Citigroup, have also been identified as having exposure to the network.
First Abu Dhabi Bank processed over $1,8 billion through 17 separate entities associated with A7 before closing those accounts. Standard Chartered previously reached a $1,1 billion settlement with US and UK authorities in 2019 regarding prior sanctions violations.
