December 11 2017
HSBC has drawn a line under scandal that saw it fined $1.9bn (£1.4bn) in the US five years ago for failing to prevent Mexican drug cartels from laundering hundreds of millions of dollars. The bank said the deferred prosecution agreement (DPA) entered into with the Department of Justice (DoJ) had expired – lifting the threat of further penalties.
Under the DPA deal, the lender had pledged to strengthen its sanctions and money-laundering controls. HSBC said it had “lived up to all its commitments” and the DoJ would therefore file a court motion to dismiss the charges that had been deferred under the agreement.