HSBC draws line under Mexican cartel case after five-years on probation

HSBC draws line under Mexican cartel case after five-years on probation

Europe's biggest bank paid a $1.9 billion fine and entered into the five-year deal in 2012 for failing to prevent Mexican drug cartels from laundering hundreds of millions of dollars.

HSBC is no longer under threat of prosecution in the USA over allegations of money laundering in Mexico.

In its annual report this year, HSBC said that the monitor concluded that the bank continued to make progress in enhancing its compliance controls, but expressed "significant concerns about the pace of that progress" and "instances of potential financial crime" that were being reviewed by the Justice Department and the bank.

HSBC shares rose 2.5 percent, the most among major European banks, as the STOXX European index of 600 lenders () rose by 0.28 percent.

The bank said on Monday that the monitor, former United States district attorney and financial crime expert Michael Cherkasky, would "continue in that capacity for a period of time at the FCA's discretion". The motion came nearly exactly five years after the Justice Department put HSBC under the deferred prosecution agreement and.

Fury licence to be considered by BBBofC in January
The ban ends on December 12 so Fury, and his cousin Hughie Fury , are able to fight again if they receive a renewed licence. Joshua's promoter Eddie Hearn has said he wants to see his fighter take on Fury in an all-British showdown next year.

At the same time the UK's Financial Conduct Authority appointed Cherkasky in a similar role on its behalf and HSBC said he would "continue in that capacity for a period of time at the FCA's discretion". The agreement also pushed off any criminal prosecutions-making it a deal one observer said at the time amounted to "the world's largest wrist slap".

As part of the agreements with the US prosecutors and Britain's Financial Conduct Authority (FCA), HSBC also installed an independent monitor charged with producing annual reports on the progress of its reforms on fighting financial crime.

On Monday, HSBC said it had "lived up to all of its commitments" under the DPA and was pleased that the DoJ had recognised its progress in strengthening its compliance with anti-money laundering rules and sanctions rules.

HSBC says the DPA has now expired. The bank is working on "further improvement" to its capabilities, he added.

Ian Gordon, an analyst at financial firm Investec, said: "It is clearly a relief that the DPA has not been extended in contrast to Standard Chartered".

Related Articles

  • A Deep Dive Into AK Steel Holding Corp (AKS)'s Levels

    A Deep Dive Into AK Steel Holding Corp (AKS)'s Levels

    AK Steel Holding Corp (NYSE: AKS)'s ATR-14 is at 0.23, while its weekly volatility is at 4.27% and monthly volatility is at 4.37%. The basic materials company reported ($0.83) EPS for the quarter, missing the Zacks' consensus estimate of $0.35 by $1.18.
    New York Police responding to explosion at Port Authority

    New York Police responding to explosion at Port Authority

    Police told HuffPost they were unsure whether the reported explosion was inside the Port Authority building or the subway system. Andre Rodriguez, 62, a caseworker at one of the city's shelters, said that he heard an explosion shortly before 7:30.
    Man Charged with Attempted Murder Following Shooting of Ind. State Trooper

    Man Charged with Attempted Murder Following Shooting of Ind. State Trooper

    It is unknown if the shots fired by the trooper wounded Kays or if Kays was wounded by his own gun or debris from the shots fired. The bullet skimmed the top of Trooper Morgenn Evans' head Tuesday night in the city of Jeffersonville, state police Sgt.
  • CNN's Jake Tapper freezes Roy Moore spokesman over ignorant Bible claim

    CNN's Jake Tapper freezes Roy Moore spokesman over ignorant Bible claim

    Tapper pressed, referring to statements Moore made in both 2005 and 2015 in which Moore said homosexual conduct should be illegal. Then the candidate's wife Kayla Moore tried to defend her husband against anti-Semitism charges, which she branded 'fake news'.
    Morrissey denies defending Kevin Spacey

    Morrissey denies defending Kevin Spacey

    He claimed he was denied "unchopped, un-fiddled with audio" of his interview and said: "Let that alone be your answer". You have to assume he had an inkling of what might possibly happen.
    Target acquiring Shipt for $550 million

    Target acquiring Shipt for $550 million

    Target (tgt) is buying tech start-up Shipt in a bid to become a much more serious contender in the same-day delivery wars. There are plans to incorporate Shipt into Target's app and website, but the companies did not say when that would happen.
  • Ram Setu Existed, Claims Science Channel Trailer; Told You, Say BJP Ministers

    Ram Setu Existed, Claims Science Channel Trailer; Told You, Say BJP Ministers

    A dating analysis of the rocks showed that the rocks were 7,000 years old while the sandbar beneath it is only 4,000 years old. The bridge now connects Pamban island in India's Tamil Nadu state with Sri Lanka's Mannar island.
    Russian Flag 'May' Appear at 2018 Olympics, Says Chief Organizer

    Russian Flag 'May' Appear at 2018 Olympics, Says Chief Organizer

    International Olympic Committee rules bar Russians from Pyeongchang if they have previously served doping bans. Any medals they win will not count toward Russia's medal count.
    Pat DiNizio, lead singer of NJ band Smithereens, dies at 62

    Pat DiNizio, lead singer of NJ band Smithereens, dies at 62

    Band members said their "journey with Pat was long, storied and a hell of a lot of fun". The band was scheduled to perform new tour dates starting in January.
  • European Union  concerns over Air Berlin bid

    European Union concerns over Air Berlin bid

    Vestager previously said that, given its dominant position in domestic air travel, Lufthansa might have to give up certain routes in exchange for approval.

    The Philadelphia Phillies like Manny Machado, but not via trade

    The Orioles should trade Machado this winter, but they will likely keep him to start next season and hope they can extend his contract.
    Apple to invest $390M in Finisar

    Apple to invest $390M in Finisar

    The company is working on plans to begin developing VCSEL (vertical-cavity surface-emitting laser) chips. That's the company Apple already uses for some of its depth-sensing tech in AirPods and iPhone X .