Standard Chartered expects it will remain under U.S. supervision for several more years over lapses in Iran-related anti-money laundering efforts because it needs more time to improve its internal standards, sources with knowledge of the matter said.

Reuters reports that under a deferred prosecution agreement it reached with U.S. authorities in 2012, the bank is due to remain under supervision by an independent monitor until the end of 2017. The sources said the bank now expects that date to be extended, possibly by several years.

The agreement has already been extended once, in 2014, and a decision on whether it will be extended again is expected by the end of this year, the sources said.

As part of the agreement with the U.S. Department of Justice (DoJ), StanChart established in 2013 a financial crime risk mitigation programme to improve its money laundering prevention and sanctions compliance worldwide.

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StanChart faces extension of U.S. money-laundering vigilance

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