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PriceWaterhouseCoopers to pay $25M in bank case

Published August 18, 2014 10:03 am

Settlement • Accounting firm helped Japanese bank launder money for Iran, Sudan.
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Albany, N.Y. • PriceWaterhouseCoopers will pay $25 million and face a two-year suspension from consulting for new bank clients in an agreement with New York regulators.

The deal follows an investigation that showed the company improperly altered a report about Bank of Tokyo Mitsubishi laundering money for Iran, Sudan and others contrary to U.S. sanctions.

Monday's agreement follows a $250 million settlement with the bank last year.

New York's Department of Financial Services says its investigation shows PriceWaterhouseCoopers, under pressure from bank executives, improperly altered a report to regulators on bank wire transfers on behalf of sanctioned countries.

Miles Everson of PriceWaterhouseCoopers says this relates to a single engagement completed more than six years ago where the company searched for and identified transactions that were self-reported by the client to regulators.