BUSINESS

Deloitte Agrees To 1-Year Suspension From Consulting Work At Some Financial Institutions

Signage is diplayed outside Deloitte Ltd. office in Ottawa, Ontario, Canada, on Wednesday, Aug. 10, 2011. Canada's trade defi
Signage is diplayed outside Deloitte Ltd. office in Ottawa, Ontario, Canada, on Wednesday, Aug. 10, 2011. Canada's trade deficit widened more than forecast in June, signaling that the economy may have stalled or even contracted in the second quarter. Photographer: Brent Lewin/Bloomberg via Getty Images

(Reuters) - Deloitte Financial Advisory Services settled with New York's banking regulator over its consulting work for Standard Chartered Bank on money-laundering issues.

Under the agreement, the consulting firm affiliate of Deloitte & Touche LLP agreed to pay $10 million, to implement reforms designed to address conflicts of interest, and to a one-year suspension from consulting work at financial institutions regulated by New York's Department of Financial Services, the agency said.

In August, the agency said Deloitte LLP consultants hid details from regulators about Standard Chartered Bank's transactions with Iranian clients.

Standard Chartered agreed to pay $340 million to New York in August over Iranian sanctions. In December, it agreed to pay another $327 million to resolve allegations by other agencies violated U.S. sanctions against Iran and other countries.

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