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New York Fines PricewaterhouseCoopers $25 Million for Amending Bank Report
By Colby Adams
printPricewaterhouseCoopers 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. In its second such settlement in two years, the New York State Department of Financial Services said the consultancy's Regulatory Advisory Services group excised information indicating falsified wire transfers by Bank of Tokyo Mitsubishi UFJ (BTMU) to entities in Iran and Sudan. The bank requested the changes ahead of submitting the report to state regulators. As part of the penalty, NYSDFS barred PricewaterhouseCoopers (PwC) from entering into new consulting contracts with...
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