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U.S. says HSBC ‘too slow’ on compliance but makes progress

NEW YORK (Reuters) – HSBC Holdings Plc is making progress toward cleaning up its operations, after reaching a $1.92 billion settlement of charges related to money laundering, but has not done enough, the U.S. Department of Justice said on Wednesday.

The government made its criticisms after reviewing the findings of an independent monitor, Michael Cherkasky, who was appointed in connection with the bank’s so-called deferred prosecution agreement with U.S. authorities.

That accord allowed HSBC to avoid criminal charges that it enabled clients to launder drug money and did business with countries linked to terrorism.

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