Scotiabank Limited

The Central Bank has taken into account:  the breaches were not deliberate;  that the firm reported these failures to the Central Bank;  the extensive remedial steps taken by the firm to rectify the contraventions; and  the cooperation of the firm during the investigation and in settling at an early stage in the administrative sanctions procedure. The Central Bank confirms that the matter is now closed. -End- Full compliance with applicable liquidity requirements and accurate reporting to the Central Bank are essential components of an effective system of Banking Regulation. The existence of adequate systems and controls and the provision of timely and accurate information to the Central Bank are priority areas identified in the Enforcement Directorate’s Strategy Document 2011 – 2012. The failure of firms to comply with obligations in terms of liquidity reporting and processes directly impacts on the ability of the Central Bank to ascertain with certainty the regulatory position of regulated financial service providers, and thereby fulfil its statutory objective under section 6A(2) of the Central Bank Act 1942. Firms are reminded to monitor and test their internal control systems on a regular basis and should take great care to ensure that any changes to systems are properly and fully tested so that regulatory requirements are adhered to and all regulatory reports provided to the Central Bank are accurate.