Skip to content
Subscriber Only

HSBC Faces ‘Much Work’ on Money-Laundering , U.S. Says

HSBC Holdings Plc has “much work” to do as part of a $1.9 billion agreement with the Justice Department to avoid prosecution for money laundering, the U.S. said in a status report on the U.K.-based bank’s performance.

HSBC must reach an accord this month on a monitor’s recommendations for improving its anti-money laundering and sanctions compliance programs, the government said in a filing today in federal court in Brooklyn, New York. The bank is handling the matter in “good faith,” the U.S. said.