South African-based Standard Bank has hired Seán Flanagan as head of compliance for its offshore operations.

He will be responsible for compliance functions in Jersey, the Isle of Man and Mauritius. He is based in Jersey and will lead a team of nine, overseeing and implementing relevant procedures and policies for the bank.

Previously, Flanagan worked at the Isle of Man Financial Supervision Commission, where he was responsible for the funds and investment business team.

In related news Standard Bank Jersey and Standard Bank Isle of Man launched Quantum PLUS 7, a structured product designed to return the initial capital along with interest on half the deposit while the other half provides for exposure to stock market growth.