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StanChart further extends deferred prosecution agreements with US until 2018-end

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StanChart further extends deferred prosecution agreements with US until 2018-end

Standard Chartered PLC has agreed to further extend its deferred prosecution agreements with the U.S. Department of Justice and the New York County District Attorney's Office until the end of December.

The British lender entered into the agreement with the said authorities in December 2012 after it was found to have breached U.S. economic sanctions by being involved in transactions made on behalf of Iranian clients between 2001 and 2007.

The agreement was extended for three more years in December 2014, when the DOJ found that StanChart possibly breached more sanctions after 2007, and a further nine months in November 2017.

The 2014 extension subjected the lender to a three-year independent compliance monitor, engaged in July 28, 2015. The term of the monitorship will also be extended until Dec. 31, 2018.

StanChart said it has made "significant progress" but has "not yet reached the standard" required by the agreement. The lender added that it continues to cooperate with an ongoing U.S. sanctions-related investigation, which needs more time to complete.

"The group is committed to ongoing cooperation with the authorities and a comprehensive program of improvements to its financial crime controls," StanChart said.