New York Fines Deloitte $10 Million for Bank Audit, Requests Easier Access to Client Data

By Colby Adams

Deloitte Financial Advisory Services must pay New York $10 million and refrain from consulting additional state-regulated banks for one year after improperly sharing client data with Standard Chartered. In an agreement with the New York State Department of Financial Services (NYSDFS), Deloitte FAS conceded that it had shared confidential data contained in reports conducted on two separate financial institutions, including supervisory data, as part of its 2005 independent review for Standard Chartered Bank (SCB). The agreement bars Deloitte FAS from entering into contracts as an independent consultant for financial institutions when doing so requires the approval of the regulatory agency....