Standard Chartered Deferred Prosecution Agreement

The agreement announced today on deferred prosecutions and prosecutions makes it clear that any alleged violation of the IEEPA, whether on behalf of an individual or a company, will not be taken lightly. (1) the Department of Justice to lose US$240 million and a fine of US$480 million, and to extend its existing Deferred Prosecution Agreement (DPA) by two years; At least that`s the lesson that was learned on Tuesday, when Standard Chartered Bank and the U.S. Department of Justice announced a 2-year extension of a 7-year-old transaction that forced the Institute to take a multitude of corrective actions for its sanctions compliance programs in exchange for reluctance to prosecute. The New York County Attorney`s Office (DANY) also announced today that SCB has agreed to amend its DPA with DANY and extend it for an additional two years and pay an additional fine of $292,210,160. As part of the amendment to the DPA with DANY, SCB admitted to violating New York State law, including by falsifying the records of New York financial institutions. SCB has also entered into separate settlement agreements with the U.S. Treasury`s Office of Foreign Assets Control (OFAC), the Federal Reserve Board of Governors, the New York State Department of Financial Services (DFS) and the United Kingdom`s Financial Conduct Authority (FCA), under which SCB will have to pay additional penalties totalling more than $477 million. The Department of Justice has agreed to credit a portion of these payments and will recover the fine at $52,210,160 in addition to the SCB`s $240 million loss. == The second count alleges that SCB participated from 2007 to 2011 in a criminal conspiracy to violate the IEEPA. . . .

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