New York Puts Deloitte in Time-out Over Standard Chartered

Remember last summer when Deloitte got itself wrapped up in a big international money laundering scandal? It was pretty exciting international intrigue-y stuff! The New York Department of Financial Services fined Standard Chartered bank $340 million last August for helping Iran move money around and now Cuomo & Co. have gotten around to holding Deloitte responsible for their little role in the matter:
Deloitte has agreed to a $10 million fine and a one-year ban from advising banks chartered in New York as part of a settlement with state officials, Gov. Andrew M. Cuomo‘s administration announced on Tuesday. The move, a stunning blow to the consulting arm of the accounting giant, stemmed from what state authorities called “misconduct, violations of law, and lack of autonomy” during its work for Standard Chartered, a British bank accused of illicitly transferring billions of dollars on behalf of Iran. Although the bank hired Deloitte to spot suspicious money transfers routed through its New York branches, state authorities said, the consultant instead helped the bank escape regulatory scrutiny.
The agreement also includes a "mandatory 'code of conduct' that forces the consultant to ensure the independence of its work," which is a relief for Deloitte, probably, since they have experience in that area
 
[NYT]
 

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Hiring Watch ’19: Deloitte Is Taking Applications In Gilbert, AZ

The latest Big 4 job creation news comes from Deloitte, which will be adding hundreds of jobs in Gilbert, AZ, as part of a major expansion at that location. Phoenix Business Journal reported: Deloitte is doubling its footprint in Gilbert and preparing to hire 900 more people. The global business consulting group announced last year it […]