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HSBC announces end to suspended sentence for Mexican cartel case

HSBC building in the Canary Wharf district of London, U.K.
Leon Neal | AFP | Getty Images

HSBC on Monday said its deferred prosecution agreement with the U.S. Department of Justice has expired, marking an end to the threat of further punishment for lapses in its anti-money laundering controls.

HSBC said it has lived up to its commitments under the five-year deal signed in December 2012, under which it pledged to strengthen its sanctions and anti-money laundering controls.

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