PricewaterhouseCoopers will pay $25 million and revise its consulting practices after removing incriminating findings from a 2008 report drafted for Japan's largest bank, a New York State regulator said.
Following the decision to hinge a financial aid package for Cyprus on the findings of two audits, other jurisdictions seeking bailouts will likely have to prove their anti-money laundering bona fides.
Financial institutions should be braced for an overhaul of federal regulations that will mean tougher rules for banks and self-regulated financial industries, according to Micah Green, a lawyer with Patton Boggs LLP.