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HSBC will be released from allegations of money laundering

British bank HSBC Holdings reported on Monday its five-year-old deferred prosecution agreement with the U.S. Department of Justice has expired.

HSBC has fulfilled all obligations and, thus, in accordance with the agreement, the Justice Department will file a motion with a court in the Eastern District of New York, bank said in a statement.

The agreement, in which HSBC, in particular, promised to improve standards in the field of combating money laundering, was concluded as part of the settlement of claims by the U.S. authorities.

In 2012, HSBC paid a $1.9 billion penalty to the U.S. in connection with accusations of indulging Mexican drug cartels in money laundering and violation of sanctions against Iran.

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