Standard Chartered Extends DPA With US Over Sanctions Compliance To 2017

Tom Burroughes

10 December 2014

UK-listed 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.