PwC fined $25m for hiding bank information from US regulators
Consultants at PwC hid information from regulators on Bank of Tokyo Mitsubishi’s efforts to falsify records of sanction breaking, the New York Department of Financial Services (DFS) said yesterday, issuing a $25m (£14.9m).
The professional services giant is also banned from some regulatory consulting work for two years.
The bank falsified wire transfer data when breaking US sanctions against Iran, Sudan and Cuba – it settled the case last year.
When PwC wrote a report for regulators on the bank, it initially included a warning on the activity, but removed it after discussions with the bank.
“When bank executives pressure a consultant to whitewash a supposedly ‘objective’ report to regulators – and the consultant goes along with it – that can strike at the very heart of our system of prudential oversight,” said DFS head Benjamin Lawsky.