HSBC Holdings plc announced in December 2017 that its five-year Deferred Prosecution Agreement with the US Department of Justice has expired. The Department of Justice will file a motion with the US District Court for the Eastern District of New York seeking the dismissal of the charges deferred by the agreement.
HSBC is pleased that the Department of Justice has recognised its progress in strengthening its anti-money laundering and sanctions compliance capabilities over the past five years. HSBC is working to ensure that the reforms it has put in place are both effective and sustainable over the long-term, and, given the increasing sophistication of criminal networks that seek to circumvent banks’ controls, HSBC intends for its programme to evolve and improve further over time. HSBC’s work in this area will continue to be consistent with its strategic objective of implementing the highest or most effective standards to combat financial crime across its operations globally.
Group Chief Executive Stuart Gulliver said: “HSBC is able to combat financial crime much more effectively today as the result of the significant reforms we have implemented over the past five years. We are committed to doing our part to protect the integrity of the global financial system, and further improvements to our own capability and contributions toward the partnerships we have established with governments in this area will remain a top priority for the bank into 2018 and beyond.”
Read the media release: HSBC Holdings plc Expiration of 2012 Deferred Prosecution Agreement.
HSBC first reached agreements with the US and UK authorities regarding past inadequate compliance with anti-money laundering and sanctions laws in December 2012. Read the media release: HSBC announces settlements with authorities (3-page PDF 124KB).
Related documents are also available at the website of the US Department of Justice.