Last year New York state's banking regulator investigated Standard Chartered, a British bank with a branch in New York, for illicitly processing transactions with Iranian banks in breach of American sanctions. Standard Chartered eventually settled and paid a $34om fine. Nearly a year later the Department of Financial Services (dfs) has another scalp. Deloitte, which acted as a consultant to Standard Chartered, this week agreed to pay a $10m fine and not to undertake any new work requiring D FS approval for at least six months.
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