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NY Regulator Suspends PwC for Two Years

Jaclyn Jaeger | August 18, 2014

New York’s Department of Financial Services this week suspended PwC Regulatory Advisory Services for two years for improperly altering a report submitted to regulators regarding sanctions and anti-money laundering compliance at Bank of Tokyo Mitsubishi.

The 24-month suspension prohibits PwC from accepting consulting engagements at financial institutions regulated by the New York State Department of Financial Services (NYDFS). PwC also must pay $25 million to the State of New York and “implement a series of reforms to help address conflicts of interest in the consulting industry,” the regulator stated.

NYDFS Superintendent Benjamin Lawsky indicated that more enforcement actions could be on the way. “We are continuing to find examples of improper influence and misconduct in the bank consulting industry,” he said. “As a regulatory...

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