On Monday 30 November 2015 at Southwark Crown Court (sitting at the Royal Courts of Justice), the SFO will apply to Lord Justice Leveson for a deferred prosecution agreement (“DPA”) in respect of Standard Bank PLC, now known as ICBC Standard Bank PLC. The agreement has already been approved in principle.
Standard Bank PLC were the UK arm of a South African parent bank.
DPAs were introduced in the UK last year but this is the first case that will appear before an English court. As well as signing the DPA, Standard Bank PLC will face a fine (it is thought of no more than $40m) and further compliance measures.
Last year the same UK arm was fined £7.5m by the Financial Conduct Authority for poor controls in relation to money laundering.