According to the Ministry of Justice, when executing the 2012 deal, Standard Chartered`s management was unaware of specific criminality at its UAE subsidiary, while “high-level” executives knew that customers had access to the bank`s online platform from Iran to initiate payments. U.S. investigators first learned of the case after receiving information through an independent investigation. As a result, federal and Land officials identified related offences that occurred in 2014. The United States first indicted Standard Chartered in December 2012 for this illegal behavior. Under the terms of a CCA filed on the same day, the government agreed to postpone the prosecution and Standard Chartered agreed to pay a fine of $US 227 million. In addition, the SCB has agreed with the DOJ and NYDA, originally concluded in 2012, to extend the Deferred Prosecution Agreements (“DPSAs”) for a two-year extension that have been renewed several times and were due to expire this month. Standard Chartered Bank (SCB), a global financial institution based in London, England, has agreed to revoke US$240 million, a $480 million fine and amend and extend its deferred Prosecution Agreement (DPA) with the Department of Justice for conspiracy to violate the International Emergency Economic Powers Act (IEEPA) by two years. This criminal conspiracy, which continued from 2007 to 2011, led SCB to process some 9500 financial transactions worth about $240 million through U.S. financial institutions for the benefit of Iranian companies. The new extension is announced with changes to the 2012 Deferred Prosecution Agreement (DPA) and nearly $1.1 billion in forfeiture and additional fines for violations of U.S. sanctions against Iran and UK anti-money laundering (MRL) rules related to customer due diligence and ongoing surveillance.
The United States then received new information through an independent investigation into possible additional historical violations by SCB of U.S. sanctions laws and regulations, which took place after the period indicated in the 2012 factual statement. On December 9, 2014, the parties amended the 2012 CCA and extended its duration for a further three years to give the SCB additional time to prove compliance with its obligations under the 2012 DPA and to give the Boards additional time to investigate possible other violations of the Act .[ d. . . .