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.
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