Deloitte suspended from New York
Deloitte Financial Advisory Services (FAS) has been voluntarily suspended from doing new consulting work for financial firms in New York state for one year and been forced to pay the state of New York $10m (£6.4m).
According to the BBC, the agreement was said to have been reached after the company had been criticised by New York's financial regulator for its work on money-laundering issues at UK-based Standard Chartered bank.
The previous year Standard Chartered was reported to have agreed to pay fines of $340m to the Department of Financial Services (DFS), $227m to the Department of Treasury and $100m to the Federal Reserve to settle charges that it had violated US sanctions on Iran, Burma, Libya and Sudan.
The DFS was said to have found that Deloitte FAS had violated New York banking law by disclosing confidential information to Standard Chartered about other clients, and to have not demonstrated “the necessary autonomy required of consultants performing regulatory work”.
The company was also said to have agreed to implement reforms to address conflicts of interest in the consulting industry.
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