Notice to Trustees & Nominees of deposit accounts 

(Post account opening notice)

In accordance with Regulation 5 of the Deposit Insurance (Joint, Trust and Nominee Accounts) Regulations 2014, The Bank of Nova Scotia Jamaica Limited and Scotia Jamaica Building Society wishes to advise all deposit account holders who act as Trustee or Nominee for deposit funds on behalf of a beneficiary(ies), that disclosure of the details of the beneficiary(ies) of the deposit funds should be sent to the Bank and the Building Society no later than October 31st of each year

Disclosure must include the following details of the beneficiary(ies):

  1. Name
  2. Current Address
  3. Contact Number
  4. Taxpayer Registration
  5. Certified copy of valid Government-Issued Identification
  6. Percentage ownership of funds (if more than one beneficiary)
  7. Payment instructions should claim arise
  8. Copy of Trustee or Nominee Agreement (if applicable)

Disclosure should be made in writing and sent to your Branch and the Building Society. Kindly note that the Bank and the Building Society will not be responsible for non-coverage of beneficiaries by the Jamaica Deposit Insurance Company ( JDIC) if the required disclosure is not made by the stipulated date above.

Additionally, if any beneficiary change has been made by you, such change must be communicated to us within the disclosure period failing which, the existing beneficiary on file will continue in force.

Trustees and Nominees exempt from the above disclosure requirement are as follows:

  1. Notice to Trustees & Nominees of deposit accounts (Post account opening notice)
  2. the Trustee in Bankruptcy or such similar public official whose duties involve holding monies in trusts for others;
  3. the Government of Jamaica or a Government department or agency;
  4. a statutory body or authority, Government company, Ministry, parish council, the Kingston and St. Andrew Corporation or municipal council;
  5. an attorney-at-law or partnership of attorneys-at-law, when acting in the capacity as a trustee or nominee of monies for others;
  6. a person acting as a trustee or nominee of monies for others in the course of business and is required under a statute to hold monies in trust or as a nominee;
  7. a person:
    I. acting as a trustee or nominee of monies for others in the course of business; and
    II. who is subject to:
      - the rules of Financial Services Commission,
      - the Jamacia Stock Exchange, or
      - other regulatory or self-regulating organization that audits compliance with those rules
  8. a regulated policyholder acting in the capacity of a depositor and as a trustee or nominee of monies for others in the course of business;
  9. any other policyholder when they act in that capacity as a trustee or nominee of monies for others or hold such funds in escrow.

If you need any information, feel free to contact us by calling our Contact Centre at 888 – 4 -SCOTIA (888-472-6842).