HSBC Holdings PLC (HSBA.LN) said Monday that its deferred prosecution agreement with the U.S. Department of Justice has expired, and that the Justice Department will file a motion with the U.S. District Court seeking dismissal of the charges deferred by the agreement.
HSBC entered into a deferred prosecution agreement with the Justice Department on Dec. 11, 2012, under which it agreed to raise its anti-money-laundering standards and meet other conditions to exit from the DPA. The agreement was part of a settlement with U.S. authorities over allegations that it failed to spot money laundering by criminal gangs and to flag transactions with countries under economic sanctions.
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HSBC admitted the wrongdoing.
HSBC said Monday that it is working to ensure that the reforms it has put in place are both effective and sustainable over the long-term. It added that given the increasing sophistication of criminal networks that seek to circumvent banks' controls, it intends for its program to evolve and improve further over time.
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(END) Dow Jones Newswires
December 11, 2017 04:21 ET (09:21 GMT)