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
It claims Deloitte submitted a “watered down”
report and then deleted any reference to certain types of
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.”