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HSBC slow to fix compliance lapses: report

Court-appointed monitor's report raises doubts on effectiveness of government's use of deferred and non-prosecution agreements

HSBC's compliance problems were in the news last month following revelations that the bank's Swiss subsidiary had helped thousands of clients - many with ties to drug cartels, arms trafficking networks and the blood diamond trade - launder criminal proceeds and evade taxes.

New York

HSBC Holdings Plc is falling short on its agreement with the US to clean up operations after clients laundered drug money and did business with terrorist regimes, according to two people familiar with a report from the bank's monitor.

The critical, 1,000-page report, which

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