HSBC announces end to suspended sentence for Mexican cartel case
LONDON (Reuters) - HSBC on Monday said its deferred prosecution agreement with the U.S. Department of Justice has expired, marking an end to the threat of further punishment for lapses in its anti-money laundering controls.
The Angel of Independence monument is seen near a building of HSBC in Mexico City January 23, 2015. REUTERS/Edgard Garrido
HSBC said it has lived up to its commitments under the five-year deal signed in December 2012, under which it pledged to strengthen its sanctions and anti-money laundering controls.
Europe’s biggest bank entered into the five-year agreement and paid a $1.9 billion fine for failing to prevent Mexican cartels from laundering hundreds of millions of dollars through the bank.