A US division of British-based auditor Deloiitte has been fined $10m by New York state for its actions in advising Standard Chartered Bank over money laundering.
In addition to the fine, the equivalent of £6.4m, Deloitte's Financial Advisory Services arm was also banned for one year from taking new work in the state after officials ruled it did not carry out its duties independently.
The settlement between Deloitte and New York was announced months after Standard Chartered was handed a $667m (£440m) penalty in the US for permitting hundreds of billions of dollars to be laundered through its US branch by clients from Iran, Burma, Libya and Sudan, in violation of US sanctions on the countries.
The transfers took place mainly between 2001 and 2007.
In 2004 the New York Department of Financial Services (DFS) required the London-based bank to contract an independent adviser to help it comply with money-laundering statutes.
But even after Deloitte Financial Advisory Services took that role, the laundering continued.
The department said the fine, which the company agreed to, was to cover its "misconduct, violations of law, and lack of autonomy" in advising Standard Chartered.
Benjamin Lawsky, New York superintendent of financial services, said in a statement: "At times, the consulting industry has been infected by an 'I'll scratch your back if you scratch mine' culture and a stunning lack of independence.
"Today, we are taking an important step in helping ensure that consultants are independent voices - rather than beholden to the large institutions that pay their fees."
Deloitte has emphasised that its advisory unit was not accused of participating in the laundering.
In a statement it said: "We are pleased that, as the agreement states, a thorough investigation by DFS found no evidence that Deloitte FAS knew of, or aided, abetted or concealed any alleged violation of law [by Standard Chartered].
"Deloitte FAS looks forward to working constructively with DFS to establish best practices and procedures that are ultimately intended to become the industry standard."
The accounting industry has been under scrutiny worldwide since coming under heavy criticism for failing to raise the alarm ahead of the banking crisis.
An investigation into the UK's audit market by the Competition Commission (CC) released earlier this year found that competition is restricted because it is hard for listed companies to switch accountants.
It concluded that the so-called "big four" audit firms - Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers - dominated the market but it did not find sufficient evidence of collusion between the accountancy giants to recommend breaking them up.
The watchdog said it was looking into a host of measures that could increase competition - including mandatory tendering for audits and mandatory rotation of firms by companies.
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