Standard Chartered PLC Extension of the Deferred Prosecution Agreements (1127W)
November 10 2017 - 2:00AM
UK Regulatory
TIDMSTAN
RNS Number : 1127W
Standard Chartered PLC
09 November 2017
Extension of the Deferred Prosecution Agreements
LONDON, 9 November, 2017 - Further to the regulatory compliance
risk disclosures in its 2017 half-year results statement, Standard
Chartered PLC ("the Group") announces it has agreed to a further
extension of its U.S. Deferred Prosecution Agreements ("DPAs")
until 28 July 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 and the agreements were extended for a further three
years in December 2014. Those agreements called for the appointment
of an independent compliance monitor for a three-year term; the
monitor was engaged on 28 July 2015, and the term of the
monitorship runs to 28 July 2018. The DPAs will now align with and
conclude at the same time as the work of the monitor evaluating
progress on the Group's sanctions compliance programme.
The agreement acknowledges that the Group has taken a number of
steps and made significant progress to comply with the requirements
of the DPA and enhance 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.
The Group will provide a further update as circumstances
warrant.
For further information, please contact:
Mark Stride - Investor queries
mark.stride@sc.com
+44 (0)20 7885 8596
Julie Gibson - Media queries
julie.gibson@sc.com
+44 (0)20 7885 2434
LEI: U4LOSYZ7YG4W3S5F2G91
END
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