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StanChart faces longer US supervision over Iran lapses

Sources say more time is needed to boost internal standards

Published Sun, Sep 4, 2016 · 09:50 PM
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London

STANDARD Chartered expects it will remain under US supervision for several more years over lapses in Iran-related anti-money laundering efforts because it needs more time to improve its internal standards, sources with knowledge of the matter said.

Under a deferred prosecution agreement it reached with US authorities in 2012, the bank is due to remain under supervision by an independent monitor until the end of 2017. The sources said the bank now expects that date to be extended, possibly by several years.

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