New York's financial regulator cited the company's "misconduct, violations of law, and lack of autonomy".

Deloitte will also pay the state of New York $10m (£6.4m) under the agreement.

Deloitte could not immediately be reached for comment.

Last year, UK-based Standard Chartered agreed to pay $340m to the Department of Financial Services (DFS), as well as $227m to the Department of Treasury and a fine of $100m imposed by the Federal Reserve, to settle charges it violated US sanctions on Iran, Burma, Libya and Sudan.

After investigating Deloitte's work at Standard Chartered, New York's DFS found that the firm did not demonstrate the necessary autonomy required of consultants performing regulatory work.

It also said that Deloitte had violated New York banking law by disclosing confidential information of other clients to Standard Chartered.

In addition to the voluntary suspension and agreeing to pay the $10m fine, Deloitte will implement a set of reforms designed to help address conflicts of interest in the consulting industry, the DFS said.

"The State's agreement with Deloitte will serve as a new model for reforming the financial services consulting industry in New York as well as across the country," New York Governor Andrew Cuomo said in a statement.

"When tasked by government agencies to undertake regulatory work at financial institutions, it is critical for these consultants to remain autonomous and avoid conflicts of interest. Our homeowners, investors and economy are protected when independent consultants are truly 'independent'."

bbc.com