Finance committee  Yes. When that's not the case, we have very stringent information security that all of our new software must go through.

Finance committee  The term “tax haven” has such a broad level of definition. Every jurisdiction to some degree has either low taxes, transparency, economic activity, or corruption. To do business in those countries you need to look at a number of different factors in order to make an investment.

Finance committee  Yes, we do.

Finance committee  Yes. If you walked into one of our branches in the Bahamas, we would put you through the same process.

Finance committee  No, we don't.

Finance committee  With the complexities of having so many different agreements, different standards, it would be very difficult, I think, to put in place the same automatic exchange agreement with every country that Canada would be looking to do business with or negotiate with. Again, that would

Finance committee  We could. I think it would be a combination of working with the government and the financial institutions but also looking at it from a multilateral and multinational approach. I don't think one-offs solve the problem. The OECD has recently signed off on the universal reporting

Finance committee  Yes, so do we.

Finance committee  Scotiabank does have a whistle-blower policy, both globally and in Canada.

Finance committee  I would agree with Mr. Purre's response.

Finance committee  I can agree with my colleague, and I think all of us would agree that our reputation is key, and none of us would like to see our institutions on the front page of, say, The Globe and Mail. We're in business to serve our customers in a prudent manner. We grow with them and we ser

Finance committee  Much like my colleague at TD, we would report suspicious transactions in the local jurisdiction in which they apply. Because of privacy and data issues, we would not necessarily report back up into the Canadian head office. In each of our jurisdictions we have what are called FIU

Finance committee  I think Canada, with its strong banking system, its strong support to combat tax evasion and tax avoidance, can certainly play a key role, along with the other members of the G-20, to form a global multilateral approach to dealing with this issue.

Finance committee  At Scotiabank we also have global standards, which are detailed from our global AML office in Canada. We do layer on that the local requirements in the jurisdictions where we operate, and we always apply the higher standard.

Finance committee  Hello. My name is Nanci York. I am vice-president of enterprise regulatory projects at Scotiabank. I am the bank's point person for the implementation of the Foreign Account Tax Compliance Act, or FATCA. In this role I am responsible for FATCA readiness and compliance across ou