The New York crackdown on Deloitte's financial-consulting business will send waves through its bank customers, competitors and federal regulators.

On Tuesday, New York's Department of Financial Services became the first state agency to take action against a bank consultant, fining Deloitte Financial Advisory Services $10 million in connection with its anti-money-laundering advisory work for Standard Chartered in 2004 and 2005. The regulator also banned Deloitte from working for New York-chartered banks for one year.

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