Huawei Technologies' Chief Financial Officer Meng Wanzhou agreed to a deferred prosecution deal with the Department of Justice after appearing in federal district court in Brooklyn on Friday, the DOJ said in a statement. Meng, who has been detained in Canada since 2018, will also be allowed to return to China in exchange for admitting some wrongdoing in a sanctions violation case, The New York Times reported. 

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Meng was arraigned on charges of bank fraud and wire fraud, as well as conspiracy to commit bank fraud and wire fraud, according to the DOJ. 

"In entering into the deferred prosecution agreement, Meng has taken responsibility for her principal role in perpetrating a scheme to defraud a global financial institution," acting US attorney Nicole Boeckmann for the Eastern District of New York said in a statement. "Meng's admissions confirm the crux of the government's allegations in the prosecution of this financial fraud — that Meng and her fellow Huawei employees engaged in a concerted effort to deceive global financial institutions, the U.S. government and the public about Huawei's activities in Iran."

Canadian authorities arrested Meng in December 2018 at Vancouver International Airport, at the request of US officials. She is the daughter of Ren Zhengfei, Huawei's founder and CEO.

Huawei is a global telecoms supplier and phone manufacturer, but is considered a national security threat in the US. The Chinese company has been under significant scrutiny in recent years, with its phones rendered virtually invisible in the US and some European countries banning the use of its equipment in their 5G networks.

Huawei didn't immediately respond to a request for comment. 

CNET's Carrie Mihalcik contributed to this report.