Deloitte Financial Advisory Services has agreed to a one-year suspension from consulting work at New York regulated financial services firms and to pay $10 million to the state.

The suspension comes after regulators criticised Deloitte’s work at Standard Chartered bank on anti-money laundering issues.

After investigating Deloitte’s work at Standard Chartered, New York’s DFS found that the firm did not demonstrate the necessary autonomy required of consultants performing regulatory work. It also said that Deloitte violated New York banking law by disclosing confidential information of other clients to Standard Chartered.

Having agreed to a voluntary suspension, Deloitte will also implement a set of reforms designed to help address conflicts of interest in the consulting industry.

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