Deloitte Agrees to Pay New York State $10 Million Penalty

Deloitte LLP agreed to pay $10 million to New York State regulators and halt consulting services for state-regulated financial institutions for one year.

Regulators found “misconduct, violations of law and lack of autonomy” in Deloitte’s consulting work with Standard Chartered Plc, the state’s Department of Financial Services said in a statement today. Standard Chartered hired Deloitte in 2004 to review anti-money laundering controls at the bank, according to the regulator.

“Today, we are taking an important step in helping ensure that consultants are independent voices - rather than beholden to the large institutions that pay their fees,” Benjamin M. Lawsky, New York’s superintendent of financial services, said in the statement.

To contact the reporter on this story: Keri Geiger in New York at kgeiger4@bloomberg.net

To contact the editors responsible for this story: Christine Harper at charper@bloomberg.net; David Scheer at dscheer@bloomberg.net

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