PriceWaterhouseCoopers to pay $25M in bank case

Staff Writer
Columbus CEO

ALBANY, N.Y. (AP) — 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.