HSBC, one of the world`s largest banks, agreed to a deferred prosecution agreement (DPA) in December 2012 regarding money laundering charges. The bank was accused of allowing Mexican drug cartels to launder money through their accounts, as well as other illegal activities.

As part of the DPA, HSBC agreed to pay a $1.9 billion fine and implement a compliance program to prevent future money laundering activities. The agreement also required the bank to cooperate fully with ongoing investigations and provide regular progress reports to the Department of Justice.

The case against HSBC was a wake-up call for the financial industry, highlighting the importance of compliance with anti-money laundering regulations. It also raised questions about the effectiveness of current regulatory frameworks and the need for more stringent measures to combat money laundering and other financial crimes.

HSBC`s DPA was one of the largest in U.S. history and sent a clear message that financial institutions must take compliance seriously. The case also demonstrated the ongoing work of law enforcement agencies to hold banks and other institutions accountable for illegal activities.

In conclusion, the HSBC money laundering DPA was a significant event in the history of financial regulation, emphasizing the need for vigilance and accountability in the fight against money laundering and other financial crimes. As a professional, it is essential to ensure that articles on this topic contain accurate and relevant information for readers interested in the financial industry and regulatory compliance.