The bank is being investigated over whether it continued to violate Iran-related sanctions after 2007.

Standard Chartered has agreed to a further extension of its US Deferred Prosecution Agreements until 28 July next year, which had been linked to probes over whether the bank had continued to breach Iran-related sanctions after 2007.

The UK-listed bank had entered the agreements with the US Department of Justice and the New York County District Attorney’s Office in December 2012, which was extended for a further three years in 2014.

A DPA takes place when a prosecutor agrees to grant amnesty in exchange for the defendant agreeing to fulfill certain requirements.

Authorities are investigating to see if StanChart broke sanctions in breach of DPAs between the bank and US state and federal bodies.

The bank is being investigated over whether it continued to violate Iran-related sanctions after 2007, in violation of deferred prosecution agreements between the bank and U.S. state and federal prosecutors.

“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,” StanChart said in a statement yesterday.

“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,” it said.