HSBC Enforcement Order Ended by Federal Reserve After a Decade
- Order was ended on Aug. 26, the Fed said on Thursday
- HSBC had agreed in 2012 to pay $1.9 billion to US authorities
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The Federal Reserve ended an almost decade-long enforcement order against HSBC Holdings Plc for violations of US sanctions and anti-money laundering rules.
Without explaining the impetus for ending the order, the Fed said in a statement on Thursday that it was terminated on Aug. 26. The regulator’s 2012 action stemmed from a high-profile case against the firm for shirking US laws that allowed for Latin American drug cartels to launder money, as well as for violating rules in handling transactions from Iran, Cuba, Libya, Sudan and Burma.