John Cusack, the global head of financial crime compliance at the London-based Sandard Chartered Bank, is planning to leave his job as part of a wider reshuffle.

According to a LinkedIn message he sent in response to a question from Bloomberg, the news agency, this has nothing to do with Standard Chartered's deferred prosecution agreement that it signed with US authorities in 2012, two years before Cusack assumed his current duties. In that agreement, the British bank forfeited $227 million to the US Justice Department for conspiring to violate the International Emergency Economic Powers Act. It also signed a deferred prosecution agreement with the New York County District Attorney’s Office for breaking New York state laws by illegally moving millions of dollars through the US financial system on behalf of sanctioned Iranian, Sudanese, Libyan and Burmese entities and struck similar deals with the Treasury Department’s Office of Foreign Assets Control and the Federal Reserve. A further penalty was imposed on it in 2014 after it was accused of scheming with Iran to hide billions of dollars' worth of transactions from the US authorities. The extended DPA was timed to expire at the end of last month but, presumably because of further compliance difficulties, was extended to 31 December. Financial News reports that Cusack is the third senior regulatory specialist at the bank who plans to step down this year.

Meanwhile, Standard Chartered Bank has announced the appointment of Tracey McDermott, formerly the temporary head of the Financial Conduct Authority, as the group head of compliance, subject to regulatory approval. This is in addition to her role as the group head of corporate affairs and marketing. Mark Smith, the group chief risk officer, will lead the risk and compliance function in tandem with her. They will continue to report to CEO Bill Winters.