Promontory Financial Group LLC

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"New York state’s financial regulator has expanded its investigation of conflicts of interest among bank consulting firms by subpoenaing two more of the advisers, a person familiar with the matter said. Promontory Financial Group LLC and PricewaterhouseCoopers LLP, which advise clients on how to satisfy regulatory requirements, were sent subpoenas by the Department of Financial Services during the past several months, said the person, who asked not to be identified because the matter is confidential…The latest round of subpoenas includes a request for Washington, D.C.-based Promontory to provide information related to its own work with Standard Chartered Plc. (STAN) That bank agreed to pay $667 million last year to Lawsky’s department and other regulators to settle charges of violating U.S. laws concerning money transfers to Iran… In a statement, Promontory spokeswoman Debra Cope said: 'Promontory from time to time receives document requests in the form of subpoenas relating to client activities. Promontory does not disclose the nature of individual requests or scope of the inquiry.'" (Bloomberg, "Promontory, PwC Said to Be Subpoenaed by N.Y. Regulator," 9/13/13) (http://www.unitedagainstnucleariran.com/company/pricewaterhousecoopers) (http://www.bloomberg.com/news/2013-09-13/promontory-pwc-said-to-be-subpoenaed-by-n-y-regulator.html)

"Consulting firm Promontory Financial Group LLC has agreed to pay $15 million to New York’s banking regulator and refrain from certain new business with state-regulated banks for six months after being accused of whitewashing a report about sanctions compliance at Standard Chartered Bank. Promontory is the third consulting firm to settle with the New York Department of Financial Services over an alleged lack of independence in reports on bank transactions subject to U.S. sanctions against Iran and other countries." (August 18, 2015). (https://www.reuters.com/article/us-promontory-stanchart-settlement-idUSKCN0QN1ZO20150818)