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StanChart once again extends deferred prosecution agreement with US


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StanChart once again extends deferred prosecution agreement with US

Standard Chartered PLC said Dec. 21 that it agreed to extend its deferred prosecution agreements with the U.S. until March 31, 2019.

The extension will not affect the term of the monitor appointed by the New York State Department of Financial Services, which is set to end Dec. 31.

Standard Chartered entered the deferred prosecution agreements in December 2012 over breaching U.S. economic sanctions on Iran.

The agreement has been extended multiple times over the years, the first time in December 2014 for three years when U.S. authorities found it had possibly breached more sanctions post-2007, then again for nine months in November 2017 and the latest in July for five months, which has now been extended again for three months.

"The vast majority of issues under investigation predate 2012, and none occurred after 2014," the lender said.