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StanChart agrees to extend U.S. sanctions compliance scrutiny

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StanChart agrees to extend U.S. sanctions compliance scrutiny

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(Reuters) – British bank Standard Chartered Plc said on Thursday it had agreed to a further extension of its U.S. Deferred Prosecution Agreements (DPA) until July 28 next year. The company had entered into DPAs with the U.S. Department of Justice and the New York County District Attorney’s Office in December 2012, which was extended for a further three years in 2014. A deferred prosecution agreement is when a prosecutor agrees to grant amnesty in exchange for the defendant agreeing to fulfill certain requirements. The bank is being investigated over whether it continued to violate Iran-related sanctions after 2007, in violation of deferred prosecution agreements between the bank and U.S. state and federal prosecutors. Thursday’s agreement acknowledged the company had made progress to improve its sanctions compliance programme, but that it had not reached standards required by the DPA, the bank said.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta)
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