Standard Chartered agrees further extension of U.S. deferred prosecution agreement

Standard Chartered Shanghai Towers at night

Standard Chartered has agreed to a further extension of its U.S. deferred prosecution agreement until the end of this year, the bank said on Friday.

The bank said on its website:

'Further to the legal and regulatory disclosures in its annual report, Standard Chartered PLC (“the Group”) announces it has agreed to a further extension of its U.S. Deferred Prosecution Agreements (“DPAs”) until 31 December 2018.

The Group 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 significant 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.

The agreement also indicates that the Group continues to co-operate with an ongoing US sanctions-related investigation, but that additional time is needed to complete the investigation. The Group is committed to ongoing cooperation with the authorities and a comprehensive programme of improvements to its financial crime controls'.

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