Standard Bank DPA comes to an end

SFO announced that the first DPA, agreed with what is now ICBC Standard Bank plc for breach of s7 Bribery Act, has come to an end after the bank successfully complied with its terms. The DPA lasted for 3 years. Its terms included payment of compensation and disgorgement of profits as well as a fine, and also an independent review of the bank’s ABC procedures. Lisa Osofsky welcomed the successful conclusion, saying that “DPAs are a way of holding companies to account without punishing innocent employees, and are an important tool in changing corporate culture for the better”.