The New York State Department of Financial Services has accused Deloitte US’s consultants of helping hide details about Standard Chartered Bank’s (SCB) transactions with Iranian clients from regulators.
The New York watchdog alleges SCB helped Iran conceal billions of dollars in transactions.
In its allegation the regulator said SCB “carefully planned its deception and was apparently aided by its consultant Deloitte & Touche, which intentionally omitted critical information in its ‘independent report’ to regulators”. This ongoing misconduct was especially egregious…during a key period between 2004 and 2007,” the New York watchdog allegation said.
It claims Deloitte submitted a “watered down” report and then deleted any reference to certain types of payments.
In a statement to US media, Deloitte vehemently denies any wrong doing. “Deloitte Financial Advisory Services performed its role as independent consultant properly and had no knowledge of any alleged misconduct by bank employees. Allegations otherwise are unsupported by the facts.”