On August 18, a Washington D.C.-based financial consulting firm agreed to pay $15 million to resolve allegations that the firm failed to meet the current requirements of the NY Department of Financial Services (NYDFS) for consultants hired to perform regulatory compliance engagements. In addition to the $15 million penalty, the consulting firm agreed not to accept new engagements which require the NYDFS to disclose confidential supervisory information for six (6) months, and that it will attest that any reports submitted to the NYDFS on behalf of a client is objective and reflects the consulting firm’s best independent judgment. The Agreement follows a report released by the NYDFS detailing the consulting firm’s practices when preparing and submitting to the NYDFS reports of its findings regarding sanctions compliance with respect to certain transactions of a large, multi-national bank.