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Deloitte fined $10 mn in US money laundering case

(Live Mint) Big accountancy Deloitte was fined $10 million by New York state on Tuesday for its actions in advising Standard Chartered Bank over money laundering.

Deloitte’s unit Deloitte Financial Advisory Services Llp was fined and also banned for one year from work in New York state after state authorities said it did not carry out its duties independently in advising the bank on how to avoid money laundering.

Standard Chartered was fined $667 million by federal and New York state authorities last year for permitting hundreds of billions of dollars to be laundered through its US branch by clients from Iran, Myanmar, Libya and Sudan, in violation of US sanctions on the countries…read full article

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