{"id":7614,"date":"2023-05-12T02:01:39","date_gmt":"2023-05-12T06:01:39","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bank-of-nova-scotia-to-pay-15m-cftc-penalty-for-recordkeeping-supervision-failures\/"},"modified":"2023-05-12T02:01:39","modified_gmt":"2023-05-12T06:01:39","slug":"bank-of-nova-scotia-to-pay-15m-cftc-penalty-for-recordkeeping-supervision-failures","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7614","title":{"rendered":"Bank of Nova Scotia to Pay $15M CFTC Penalty for Recordkeeping, Supervision Failures"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"MW-BT-CO-20230511-711355\" role=\"document\">\n<p>By Adriano Marchese<\/p>\n<pre><\/pre>\n<p>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.<\/p>\n<p>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.<\/p>\n<div class=\"paywall\">\n<p>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.<\/p>\n<p>The communication methods also violated the bank&#8217;s own policies and procedures.<\/p>\n<pre><\/pre>\n<p>Write to Adriano Marchese at adriano.marchese@wsj.com<\/p>\n<pre><\/pre>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/bank-of-nova-scotia-to-pay-15m-cftc-penalty-for-recordkeeping-supervision-failures-40215d57?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-7614","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of Nova Scotia to Pay $15M CFTC Penalty for Recordkeeping, Supervision Failures | iFintechWorld<\/title>\n<meta name=\"description\" content=\"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 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