Written Agreement Scotiabank

Scotiabank, based in Toronto, has entered into a written agreement with the Federal Reserve Bank of New York and the New York State Department of Financial Services to address issues ranging from supervision to monitoring suspicious activity. The written agreement released Tuesday by the New York Fed did not contain any fines against the bank. „We have a strong risk management culture across the bank,“ Scotiabank spokesman Andrew Chornenky said in an email. „Scotiabank is committed to setting global anti-money laundering standards and taking seriously the resolution of problems identified by the New York Federal Reserve.“ Enforcement comes at a time when Canadian banks are under increasing pressure from global regulators to erode potential sources of money laundering and terrorist financing from their operations. U.S. regulators are forcing the Bank of Nova Scotia, Canada`s third-largest bank after assets, to review its anti-money laundering controls to address „defects“ in the lender`s compliance program.


Comments are closed.