“The deferred prosecution agreement was reached in December 2012 and was approved Monday. The settlement was seen as a record amount to resolve charges that the bank failed to stop billions of dollars in drug money from flowing through the bank from Mexico. Under the terms of the deal, the Justice Department agreed to suspend criminal charges against HSBC and its US subsidiary for five years if the bank agreed to pay the penalty. When announcing the settlement, HSBC Chief Executive Stuart Gulliver said: ‘The HSBC of today is a fundamentally different organization from the one that made those mistakes.'”
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