HSBC Holdings Says U.S. Deferred Prosecution Agreement Has Expired
December 11 2017 - 4:36AM
Dow Jones News
By Ian Walker
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.
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.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
December 11, 2017 04:21 ET (09:21 GMT)
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