The New York State’s Department of Financial Services has proclaimed that it has determined to take an action against a consulting firm. The company was responsible for the monitoring of its operations.
A superintendent of the New York State’s Department of financial Services Benjamin Lawsky stated after an inquiry that people will see the consequence of this investigation this summer.
PricewaterhouseCoopers LLP was the organization which was appointed by financial institution. This service network will be banished for two years and will have to pay almost $25 million in order to resolve accusations of New York state regulators. The New York sate regulators’ make allegations that the company mismanaged its work for Bank of Tokyo-Mistsubishi UFJ.
The New York State Department of Financial Services claimed that PwC reduced an anti-money laundering report of Japanese Bank which the company put forth to the regulators.
On the other hand, PwC stated that it has assented the fine and ban and that ban will put a stop on the functioning of one of its units with NEW York- regulated banks.
The New York Time will overtly announce it on Monday, alleged by some informants
Furthermore, Lawsky said that they have to evaluate the works of these banks, which is rather a difficult task. Since these are the banks which reimburse and give employment to them.
The similar case happened in 2013 when a Deloitte LLP unit made a settlement of $10 million and agreed one year consulting ban for New York regulated banks. The regulators’ claimed that the firm produced a heap of its anti-money laundering work for U.K bank Standard Chartered PLC.
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