The bank has secured an agreement with the US to extend DPAs over sanctions compliance for two years to the end of 2017.

UK-listed Standard Chartered said today it has secured a deal to extend deferred prosecution agreements with the US over the country’s sanctions compliance programme.

The agreement with the US Department of Justice and New York County District Attorney's office will see the Deferred Prosecution Agreement that was initially inked in December 2012 extended for three years to 10 December 2017, according to a statement issued to the London Stock Exchange.

“The agreement acknowledges that the group [Standard Chartered] 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 statement said.

“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,” it continued.

“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,” it said.