Sanctions: Standard Chartered extends Deferred Prosecution Agreements
30 Jul 2018

Standard Chartered has agreed to a further extension of its U.S. Deferred Prosecution Agreements (DPAs) until 31 December 2018, the bank said.

The Group reached agreements with the United States after admitting that it had processed payments for sanctions targets, and paid a settlement of $327 million.

It also agreed to improve its sanctions compliance as part of the DPA deal.

It entered into the DPAs with the US Department of Justice and the New York County District Attorney’s Office in December 2012. The agreements were extended for a further three years in December 2014 and a further nine months in November 2017.

The 2014 extension called for the appointment of an independent compliance monitor for a three-year term; the monitor was engaged on 28 July 2015, and the parties have also agreed to extend the term of the monitorship to 31 December 2018.

“The agreement acknowledges that the Group has taken a number of steps and [made progress] toward compliance with the requirements of the DPA and enhancing its sanctions compliance programme, but that the programme has not yet reached the standard required by the DPA,” Standard Chartered explained.

It added that more time is needed to complete an ongoing US sanctions-related investigation.

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