The deal includes a deferred prosecution agreement with the Department of Justice. No charges will be brought against the bank provided certain conditions are met.
As part of the settlement, HSBC is required to take further actions to strengthen its compliance policies and procedures. HSBC expects to reach an agreement shortly with the United Kingdom Financial Services Authority (FSA).
The FSA agreement, due later Tuesday, will not include a financial penalty, but will focus on monitoring the bank’s behavior in the future, an HSBC spokesman said.
“We accept responsibility for our past mistakes,” HSBC CEO Stuart Gulliver said in a statement. “We have said we are profoundly sorry for them, and we do so again.”
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