Extension of the Deferred Prosecution Agreements

RNS Number : 3140Z

Standard Chartered PLC

09 December 2014

 



Extension of the Deferred Prosecution Agreements

LONDON, 9 December, 2014 - Further to the regulatory compliance risk disclosures in its 2014 half-year results statement Standard Chartered PLC ("the Group") announces it has agreed to extend the Deferred Prosecution Agreements ("DPAs") entered into in December 2012 with the US Department of Justice and the New York County District Attorney's Office.

The US Department of Justice, the New York County District Attorney's Office and the Group have agreed a further three-year extension of the DPAs until 10 December 2017, and the retention of a monitor to evaluate and make recommendations regarding the Group's sanctions compliance programme.

The agreement acknowledges that the Group has taken a number of steps to comply with the requirements of the original DPAs and to enhance and optimise its sanctions compliance, including the implementation of more rigorous US sanctions policies and procedures, certified staff training, hiring of senior legal and financial crime compliance staff and recently implementing additional measures to block payment instructions for countries subject to US sanctions laws and regulations. The Group will work closely with the authorities to make additional substantial improvements to its US economic sanctions programme to reach the standard required by the DPAs.

The agreement also indicates that the Group is co-operating with an ongoing US sanctions-related investigation, but that additional time is needed to complete the investigation and determine whether any violations have occurred. The Group remains committed to full cooperation with the authorities during this investigation, alongside an extensive programme of compliance improvements.

The Group will provide a further update in the event of relevant future developments.

For further information, please contact:

James Hopkinson - Investor queries                                                                               

[e-mail]

 [phone]

Jon Tracey - Media queries

[e-mail]

[phone]

Julie Gibson - Media queries

[e-mail]                                                  

 [phone]

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