Washington, D.C.-based regulatory consulting firm Promontory Financial Group has reached an agreement with the New York Department of Financial Services (NYDFS) regarding the firm’s work for Standard Chartered Bank between 2009 and 2011, the company announced on Tuesday.

“We are glad to have resolved this matter,” said Eugene Ludwig, the founder and chief executive officer of Promontory Financial, in a statement. “We remain committed to quality and integrity in carrying out our work.”

In a separate announcement, the NYDFS released the terms of the settlement. Under the agreement, Promontory will pay US$15 million. The firm also agrees to a six-month voluntary abstention from entering certain new consulting engagements that require NYDFS consent. As well, Promontory agrees that, “in certain instances, its actions during the Standard Chartered engagement did not meet the [NYDFS’] current requirements for consultants performing regulatory compliance work for entities supervised by the Department.” In addition, Promontory acknowledges that any report it submits to NYDFS must be objective and reflect its best independent judgment.

The regulator had raised concerns earlier this month about the firm altering language in a report examining Standard Chartered’s dealings with Iran, which was subject to U.S. sanctions.

Earlier in the month, Promontory pledged that it would take the NYDFS to court to challenge its conclusions. The firm had said that it would seek a stay of an NYDFS action against it in New York State Supreme Court, and it believed that the department “has willfully misconstrued our work based on a handful of emails taken out of context.”

“We are pleased that Promontory has agreed to resolve this matter and to work constructively with the Department moving forward to help strengthen integrity within the consulting industry. The Department will continue to aggressively investigate and address conflicts of interest at consulting firms, which is a critical part of combating misconduct and improving accountability in the financial markets,” said Anthony Albanese, acting Superintendent of Financial Services.