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.
