The Traderszone Network

Published in TZ Latest News 20 July, 2015 by The TZ Newswire Staff

New York intensifies probe into Promontory work for Standard Chartered

New York state’s banking regulator has intensified an investigation into Promontory Financial Group, a global consulting firm, over its work for Standard Chartered Plc (STAN.L), according to a person familiar with the matter. The probe, conducted by the New York State Department of Financial Services (NYDFS), focuses on a 2011 report to regulators about the British 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.