Extension of the Deferred Prosecution Agreements

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

[e-mail]

[phone]

Julie Gibson - Media queries

[e-mail]

[phone]

LEI:  U4LOSYZ7YG4W3S5F2G91

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