Deloitte Audit fined $ 10 million for money laundering involved

Deloitte auditing firm reputation yesterday by the government of the U.S. state of New York $ 10 million fine and 1 year suspension of activities for involvement in money laundering at Standard Chartered Bank.

 

Deloitte has suspended operations in New York in 1 year

Punishment has been the Department of Financial Services announced the state of New York and many major media outlets, including the BBC and published AFP.

Earlier last year, the British bank Standard Chartered was the U.S. federal government and the state of New York received a total of U.S. $ 667 million due to lax oversight, billions of dollars to the "dirty money" to be "washed "through the New York branch of the bank.

The above transactions have violated the embargo the U.S. government due from customers in Iran, Myanmar, Libya and Sudan, countries that were imposed by the U.S.. These transactions take place over a long period, from 2001 to 2007.

In 2004, the Department of Financial Services New York State Standard Chartered asked to sign a contract with a party independent consultant, to help them comply with the regulations on anti-money laundering. Even though Deloitte was hired to advise, money laundering continues.

Not only that, according to agency documents of the investigation, from initial role as an independent consultants, is responsible for overseeing operations at Standard Chartered Bank to report to the authorities, Deloitte has turned to hand, support for Standard Chartered continued illegal transactions. Deloitte did so by sharing confidential information about the illegal activities of the same clients and their other "mitigating" the report to authorities.

Department of Financial Services for the state of New York that punishment on to cover "mismanagement, violations of the law and lack of autonomy" in the consultation process for Standard Chartered. Deloitte also agreed to comply with this judgment.

"There have been many times, this consulting firm is affected by cultural things like" I will expose you if you expose me "and lack of independence incredible," said Benjamin Lawsky, superintendent New York Financial Services affirmed.

"Today, we had an important step to ensure that the consulting firm is independent voices, rather than be constrained by the large financial institutions to pay their rent."

Authorities also accused Deloitte violated banking laws of New York to disclose confidential information about other clients for Standard Chartered.

Also stop approving voluntary activity 1 year and pay a fine of $ 10 million, Deloitte must also perform a series of restructuring activities, in order to solve the problem of conflicts of interest in consulting activities.

"New York state's agreement with Deloitte will be seen as a new model for the restructuring of financial industry consultant in New York and throughout the United States," New York Governor Andrew Cuomo said.

"When is the government agency tasked with ensuring the legal compliance of the financial institution, the consultant is necessary to maintain autonomy and avoid conflicts of interest. The homeowners, investors and the economy as a whole is protected only when the unit is actually independent consultant "independent," Mr. Cuomo said.