Recent enforcement actions and national assessments of anti-money laundering efforts point to persistent concerns about potential over-reliance on an old compliance mainstay: third-party audits
In the sometimes complex arrangements between financial institutions and their hired compliance advisors, one ambiguity consistently eludes the legalese of contracts: what can be said in e-mails without landing the firms in hot water?
Promontory Financial Group on Tuesday agreed to pay New York regulators $15 million and forego entering into certain consulting arrangements for the next six months with state-chartered financial institutions.
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.
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.
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