compliance with anti-money laundering

HSBC Holdings PLC announced that it has reached agreement with United States authorities in relation to investigations regarding inadequate compliance with anti-money laundering and sanctions laws. This includes a Deferred Prosecution Agreement (DPA) with the US Department of Justice. HSBC has also reached agreement to achieve a global resolution with all other US government agencies that have investigated HSBC’s past conduct related to these issues and anticipates finalising an undertaking with the United Kingdom Financial Services Authority shortly. Under these agreements, HSBC will make payments totaling USD1.921 billion, continue to cooperate fully with regulatory and law enforcement authorities, and take further action to strengthen compliance policies and procedures. Over the five-year term of the agreement with the Department of Justice, an independent monitor will evaluate HSBC’s progress in fully implementing these and other measures it recommends, and will produce regular assessments of the effectiveness of HSBC’s compliance function. 

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