HSBC Holdings Plchas not made enough progress to discourage money laundering, a federal monitor hasfound, Reuters reportedApril 1.

U.S. Attorney Robert Capers said in a letter filed in a Brooklyn,New York federal court that while the bank has made significant progress since reachingan anti-money-laundering settlement with U.S. prosecutors in 2012, "the monitorbelieves that the bank continues to face significant challenges." As part ofthe agreement, the bank agreed to be monitored by Michael Cherkasky, the executivechairman of compliance firm Exiger, the newswire reported. The Department of Justicecould prosecute or extend monitoring if it does not meet requirements.