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Fed to Bank of Nova Scotia: Fix AML Controls

Jaclyn Jaeger | November 13, 2015

The U.S. Federal Reserve and the New York Department of Financial Services in an enforcement action this week ordered the Bank of Nova Scotia and its New York agency to significantly improve its anti-money laundering operations.

According to the agreement, the bank and the branch have 60 days to jointly submit a written progress report “detailing the form and manner of all actions taken” to secure compliance with the provisions of the agreement, addressing corporate governance, Bank Secrecy Act and anti-money laundering compliance, customer due diligence, suspicious activity reporting and monitoring, and OFAC compliance.

The details of that agreement are discussed below.

Corporate Governance

At a minimum, the governance program must “address, consider, and...

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