Allegations that a banking unit of Standard Chartered Plc schemed with Iran to conceal billions of dollars in transactions have dragged Deloitte into the spotlight in another hit to the global accounting and consulting firm.
The New York State Department of Financial Services, in a case involving U.S. anti-money laundering laws, on Monday said Deloitte LLP consultants hid details from regulators about Standard Chartered Bank's transactions with Iranian clients.
The bank's actions "left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes," Benjamin Lawsky, superintendent of the department, said in an order made public on Monday.
Deloitte said in a statement: "Deloitte Financial Advisory Services performed its role as independent consultant properly and had no knowledge of any alleged misconduct by bank employees. Allegations otherwise are unsupported by the facts."
The New York Department of Financial Services regulates New
This article is only available in full to Compliance Complete
North America Middle East Australasia UK and Europe Asia Subscribers who are logged in.
Please log in to see if you can view this content.