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The U.S. Treasury Department and DOJ announced on 11 December 2012 the record settlement of $1.256 billion with HSBC for failure to institute proper anti-money laundering procedures which allowed Mexican and Colombian drug cartels to launder money and clients in countries under U.S. sanctions to complete transactions in the U.S. The FSA in London simultaneously announced that it would be working closely with HSBC as HSBC assesses and improves its internal systems and controls for anti-money laundering, sanctions, terrorist financing and proliferation financing. There is no indication of criminal charges in any of the regulators’ announcements. The announcement of fines came one day after the announcement of fines of $327 million imposed by three U.S. federal regulators against Standard Chartered Bank.