Bank of Nova Scotia to Pay $15 Million CFTC Penalty for Recordkeeping, Supervision Failures
May 11 2023 - 10:30AM
Dow Jones News
By Adriano Marchese
Bank of Nova Scotia has agreed to settle an order by a U.S.
government agency to pay a $15 million penalty for recordkeeping
and supervision lapses.
The Commodity Futures Trading Commission has charged the
Canadian financial institution and Scotia Capital USA with failing
to maintain, preserve or produce records that were required to be
kept.
The CFTC said the bank for years failed to keep records of
communications and stop employees, including those at senior levels
and supervisory personnel responsible for the compliance, from
communicating with unapproved methods such as personal text
messaging and WhatsApp.
The communication methods also violated the bank's own policies
and procedures.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 11, 2023 10:15 ET (14:15 GMT)
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