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NY regulators fault Deloitte's bank consulting


June 18. 2013 2:41PM
Associated Press

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(AP) New York regulators have reached agreement for Deloitte Financial Advisory Services to pay $10 million and cease consulting for one year at state-regulated banks to settle an investigation into misconduct.


The probe involved Deloitte's work for the New York branch of Standard Chartered Bank in 2004 and 2005.


The company says it will work with regulators to establish best industry practices.


The agreement says Deloitte Financial violated state banking law and its own policies by sharing confidential information from other client banks with Standard Chartered.


Investigators say they found no evidence the consultant helped the bank illegally launder money, though Deloitte failed to show autonomy and objectivity.


The British bank agreed last year to pay $340 million to settle New York allegations that it processed dollar transactions for Iranian interests despite U.S. sanctions.


Associated Press


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