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Deloitte settles with New York over Standard Chartered money laundering
June 18, 2013 / 3:54 PM / 4 years ago

Deloitte settles with New York over Standard Chartered money laundering

NEW YORK (Reuters) - Deloitte Financial Advisory Services settled with New York’s banking regulator over its consulting work for Standard Chartered Bank on money-laundering issues.

An exterior view of the Standard Chartered headquarters is seen in London August 7, 2012. REUTERS/Olivia Harris

Under the agreement, the consulting firm affiliate of Deloitte & Touche LLP DLTE.UL agreed to pay $10 million, to implement reforms designed to address conflicts of interest, and to a one-year suspension from consulting work at financial institutions regulated by New York’s Department of Financial Services, the agency said.

In August, the agency said Deloitte LLP consultants hid details from regulators about Standard Chartered Bank’s transactions with Iranian clients.

Standard Chartered agreed to pay $340 million to New York in August over Iranian sanctions. In December, it agreed to pay another $327 million to resolve allegations by other agencies violated U.S. sanctions against Iran and other countries.

Reporting By Karen Freifeld; Editing by David Gregorio

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