Deloitte Gets $10M Fine, 1-Year Ban For Probe Into UK Bank

Law360, New York (June 18, 2013, 5:17 PM EDT) -- Deloitte LLP has agreed to pay a $10 million fine and be banned from advising any bank regulated by the New York State Department of Financial Services under a settlement released Tuesday, putting to rest a probe into the consulting firm's work with a U.K.-based bank accused of money laundering.

In addition to the fine and one-year suspension, Deloitte must also establish and implement new safeguards to address the DFS investigation's finding that it did not demonstrate the proper autonomy required by consultants performing regulatory work...
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