Kenneth Rijock

Kenneth Rijock

Tuesday, November 10, 2015

BANK OF NOVA SCOTIA SIGNS CONSENT AGREEMENT WITH NY FED AND NY DEPT. FIN. SVCES.


The Bank of Nova Scotia, through both its Canadian headquarters, and its New York agency, has executed what amounts to a Consent Agreement with the New York branch of the Federal Reserve Bank, and the New York State Department of Financial Services (DFS), to correct deficiencies in the bank's BSA/AML compliance program, Customer Due Diligence. OFAC compliance, and SAR monitoring and reporting.

Readers who wish to review the complete text of the Agreement, can access it here*. Unlike most other agreements with the Fed and NYDFS, there was no monetary penalty levied upon the bank.
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*http://www.federalreserve.gov/newsevents/press/enforcement/enf20151110a1.pdf

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