NEW YORK (CNNMoney)
The deal includes a deferred prosecution agreement with the Department of Justice. Financial penalties will be assessed, but no charges will be brought against the bank provided certain conditions are met.
As part of the agreement, HSBC is required to take further actions to strengthen its compliance policies and procedures. HSBC said it also expects to reach an agreement shortly with the United Kingdom Financial Services Authority.
"We accept responsibility for our past mistakes," HSBC CEO Stuart Gulliver said in a statement. "We have said we are profoundly sorry for them, and we do so again."
The settlement follows a Senate subcommittee report released in July that accused HSBC (HBC) of failing to prevent money transfers by Mexican drug cartels and banks linked to terrorism financing.
Among other things, the report claimed that in 2007 and 2008, HSBC's Mexico unit shipped $7 billion in cash to the bank's U.S. affiliate, a volume of shipments that law enforcement officials said could reach that size "only if they included illegal drug proceeds."
Spokespeople at the Justice and Treasury Departments declined to comment when reached by CNNMoney.
Related: New York cashes in with Standard Chartered settlement
In a filing with the Securities and Exchange Commission last month, HSBC said it had set aside $1.5 billion to cover potential penalties from the U.S. money laundering investigation.
On Monday, HSBC announced that former Treasury Department official Bob Werner was taking on a new role as Head of Group Financial Crime Compliance and Group Money Laundering Reporting Officer.
"The announcement of Bob's new role underscores our determination to address the shortfalls highlighted by recent investigations," HSBC spokesman Rob Sherman said. "We have made good progress to date, but have much more to do."
The London-based bank isn't the first financial institution to face scrutiny from U.S. regulators over allegedly illicit money transfers.
Also on Monday, officials announced that U.K. bank Standard Chartered had agreed to pay $327 million to settle charges that it violated international sanctions on transactions with Iran, Burma, Libya and Sudan.
In June, Dutch bank ING agreed to pay a $619 million penalty for moving billions of dollars through the U.S. financial system at the behest of Cuban and Iranian clients. Back in 2010, Wachovia Bank paid $160 million to resolve allegations that its weak internal controls allowed Mexican cartels to launder millions of dollars worth of drug proceeds. Wells Fargo (WFC, Fortune 500)bought Wachovia in 2008. 
First Published: December 10, 2012: 7:42 PM ET
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