(Bloomberg) -- The Federal Reserve ended an almost decade-long enforcement order against HSBC Holdings Plc for violations of US sanctions and anti-money laundering rules.

Without explaining the impetus for ending the order, the Fed said in a statement on Thursday that it was terminated on Aug. 26. The regulator’s 2012 action stemmed from a high-profile case against the firm for shirking US laws that allowed for Latin American drug cartels to launder money, as well as for violating rules in handling transactions from Iran, Cuba, Libya, Sudan and Burma.

In December 2012, HSBC admitted to US allegations and entered into a deferred prosecution agreement with the Justice Department. In settling the case, the bank agreed to pay a then-record $1.9 billion in penalties to US authorities. Five years later, the Justice Department ended the oversight agreement.

“Over the last decade HSBC’s employees have worked hard to transform the bank’s financial crime risk management capabilities,” the bank said in a statement on Thursday. “We are pleased with the Federal Reserve’s decision to terminate the 2012 consent order and remain committed to our efforts to combat financial crime.”

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