The Globe and Mail reports in its Wednesday edition that Bank of Nova Scotia is spending $300-million annually to combat money laundering even as it pulls out of some riskier markets.
The Globe's James Bradshaw writes that chief executive officer Brian Porter voiced support for an array of new measures unveiled by the federal government in last month's budget. The new initiatives are the government's response to continuing criticism over significant gaps in Canada's anti-money-laundering regime.
Scotiabank spent nearly $300-million improving its anti-money-laundering capabilities last year, and expects to invest "pretty close to that in 2019," he said. Speaking to reporters after Scotiabank's annual meeting Tuesday, Mr. Porter acknowledged that Scotiabank is keenly aware of growing scandals over money-laundering lapses at two Nordic lenders, Danske Bank and Swedbank. Those scandals have drawn heightened attention to global flows of illicit funds.
"This is a big issue and it's one I think about a lot," Mr. Porter said. Since Mr. Porter took over as CEO five years ago, the bank has sold businesses in 20 countries, focusing the bank's international footprint and reducing its exposure to money-laundering risks.
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