New York state's banking regulator has intensified an investigation into Promontory Financial Group, a global consulting firm, over its work for Standard Chartered, according to a person familiar with the matter.
Reuters reports that the probe, conducted by the New York State Department of Financial Services (NYDFS), focuses on a 2011 report to regulators about the bank's transactions with Iran and other sanctioned countries, the person said.
At stake in the investigation is whether Promontory may have amended the report to regulators under pressure from the bank, the source said. 'The concern is they sanitised the report', the person said, speaking on condition of anonymity because the investigation is not yet complete.
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