Turkiye’s state-run Halkbank said it has reached an agreement with the U.S. Department of Justice to resolve a years-long criminal case against the bank.

Axar.az informs that the bank decided to sign a Deferred Prosecution Agreement (DPA) with the U.S. Department of Justice and the U.S. Attorney's Office for the Southern District of New York over a criminal case filed in the United States on October 15, 2019.

“Under the agreement, the bank will not admit any criminal wrongdoing and will not pay any judicial or administrative fines. Instead, an independent expert will prepare a compliance report to be submitted to the Office of Foreign Assets Control and the U.S. Attorney’s Office,” Halkbank said on X.

After the report is submitted, both sides will jointly request the United States District Court for the Southern District of New York to dismiss the case. Once approved by the court, the criminal proceedings against the bank in the United States—ongoing for nearly nine years—will come to an end.