http://www.bloomberg.com/news/2014-08-18/pwc-fined-25-million-for-alter…
PricewaterhouseCoopers LLP was fined $25 million after sanitizing a report to regulators on sanctions and money-laundering controls for Bank of Tokyo-Mitsubishi UFJ Ltd., New York’s top bank regulator said today. PwC was also banned for two years from consulting work with companies regulated by Lawsky and must implement changes to address conflicts of interest in consulting.
Any thoughts on this from industry insiders? The firms supervised by New York Department of Financial Services definitely includes some heavy hitters (http://www.dfs.ny.gov/about/whowesupervise.htm). However, the consent agreement would imply that the 2 year ban only impacts new work with a subset of PwC (Regulatory Advisory Services).
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