Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2020
Scotiabank settles U.S. trading-practices investigations
Settlement
Scotiabank entered into a Deferred Prosecution Agreement with the U.S. Department of Justice, while the Commodity Futures Trading Commission issued three orders against the bank, resolving investigations into its metals-market trading practices and related conduct. Under the agreement, Scotiabank agreed to pay approximately $127.5 million to the DOJ and CFTC and to retain an independent compliance monitor.
Company response
Remediation — Scotiabank
It also agreed to retain an independent compliance monitor.
Source excerpt
Canadian lender Bank of Nova Scotia (BNS.TO, BNS), called as Scotiabank, Thursday said it has entered into a Deferred Prosecution Agreement or DPA with the U.S. Department of Justice.
Under the agreement terms, the Bank agreed to make aggregate payments to the DOJ and CFTC of approximately $127.5 million. It also agreed to retain an independent compliance monitor.
The DPA and the orders resolve the DOJ's and CFTC's investigations into Scotiabank's activities and trading practices in the metals markets and related conduct as well as pre-trade mid-market marks and related swap dealer compliance issues.
2019
Costa Rica account-information investigation
Costa Rican prosecutors raided Scotiabank offices while seeking information connected to an alleged money-laundering investigation.
2014
FATCA reporting controversy
The bank's implementation of cross-border tax-reporting requirements drew criticism from privacy and sovereignty advocates because of the personal and account information involved.
Criticism concerning investment exposure
Reference material describes criticism of exposure by a Scotiabank mutual fund to Mizrahi Tefahot Bank and companies connected to Israeli settlements and arms manufacturing. The scope and legal characterization of the allegations require further review.