Deloitte Agrees to Pay New York State $10 Million Penalty
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.
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