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PwC Fined $25 Million for Bank Sanctions Report

PricewaterhouseCoopers LLP was fined $25 million after sanitizing a report to regulators on sanctions and money-laundering controls for Bank of Tokyo-Mitsubishi UFJ Ltd., New York’s top bank regulator said today.

The bank persuaded PwC Regulatory Advisory Services to change a compliance report related to financial transactions with sanctioned countries including Iran and Sudan through March 2007, according to a settlement with Benjamin Lawsky, superintendent of New York’s Department of Financial Services.