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HSBC announces end to suspended sentence on money-laundering failings

HSBC Holdings Plc said its five-year deferred prosecution agreement with the U.S. Department of Justice has expired, adding that the DOJ will file a motion with the U.S. District Court for the Eastern District of New York to dismiss charges deferred by the agreement.

In 2012, the U.K.-based lender reached a $1.92 billion settlement with U.S. authorities in connection with investigations regarding inadequate compliance with money-laundering and sanctions laws, with the settlement including a deferred prosecution agreement with the DOJ wherein the bank's money-laundering and sanctions compliance program was assessed annually by an independent monitor for five years.

HSBC said it has lived up to all of its commitments and is "working to ensure that the reforms it has put in place are both effective and sustainable over the long term."