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Kathleen A. Scott

Senior Counsel

Kathleen A. Scott

New York

T:+1 212 318 3084

Kathleen A. Scott is a senior counsel in the New York office representing some of the world's largest international financial institutions concentrating on a broad range of financial services regulatory, anti-money laundering and privacy matters.

Kathleen represents financial institution clients with respect to the bank regulatory aspects of mergers and acquisitions, establishment of new banking organizations and nonbanking affiliates, and other transactions.

Kathleen advises foreign and domestic banks and other financial institutions on a broad range of federal and state regulatory issues affecting all their operations and interacts routinely with federal and state banking regulators. She has expertise regarding U.S. federal and various other state banking laws and regulations regarding banks as well as nonbank financial companies that might require licensing at the state level.

Kathleen also counsels financial institutions facing enforcement or other supervisory actions or investigations by state and federal regulators on their compliance with federal consumer, privacy and anti-money laundering legislation and regulations. More specifically, she handles compliance with the Gramm-Leach-Bliley Act for banks and other financial institutions and related financial privacy and information security matters. She also advises financial institutions on a broad range of anti-money laundering compliance and enforcement issues.

Kathleen began her career as an attorney for the United States Department of Treasury and also served as an assistant counsel for the New York State Banking Department before going into private practice at two other major law firms in New York before joining Norton Rose Fulbright.

Since 2005, she has written a bi-monthly column on International Banking for the New York Law Journal. In addition, she routinely contributes to the Financial Services: Regulation Tomorrow blog, which provides insight and commentary on the global financial regulatory environment.

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  • Education

    1982 - J.D., American University, Washington College of Law
    1979 - B.A., cum laude, Villanova University

     

  • Representative experience

    Financial Services Regulatory

    • Led a global compliance project for an American multinational banking and financial services corporation
    • Advised several non-U.S. banks on the Dodd-Frank Act's Volcker Rule implementation for non-U.S. banks
    • Advised major non-U.S. banks on permissible activities in the United States transacted from outside the United States
    • Obtained federal and state regulatory approvals for numerous clients regarding establishment of new banking institutions, bank holding company and financial holding company status, mergers, acquisitions, and new products, including obtaining financial holding company status for the first majority government-owned non-U.S. bank to elect that status
    • Developed and implemented strategies for the U.S. expansion of a major non-U.S. bank, including obtaining all state and federal regulatory approvals
    • Drafted federal and state legislation and regulations on a variety of regulatory issues


    Corporate work

    • Developed and implemented strategies regarding, and obtained regulatory approvals for, internal reorganizations for certain U.S. banking organizations, including preparation of all corporate documents and regulatory applications
    • Drafting corporate governance documents relating to the establishment of new banks and non-bank financial institutions, their transactions, and their ongoing corporate matters
    • Reviewing and revising bank policies for conformance with applicable laws and regulations
    • Drafting financial institution inter-company agreements and advising on financial institution servicing agreements with third party vendors


    Data Privacy

    • Provided information on U.S. anti-money laundering and U.S. financial privacy laws for a major European business conglomerate and a major non-U.S. financial institution
    • Assisted with an ancillary privacy issue in a securities investigation for a multinational financial institution; review of privacy policies
    • Advised a consultant to a regulatory agency on statutory confidentiality provisions and drafted policies and conducted training for the consultant's staff


    Anti-money laundering

    • Negotiated major enforcement actions from both the private sector and public sector for U.S. banks and U.S. offices of non-U.S. banks, and assisted clients with enforcement action compliance
    • Drafted significant number of federal regulations, particularly with respect to anti-money laundering laws


    Bank Liquidations

    • Drafted significant amount of state legislation and regulations on financial matters, including the NY Banking Law regarding liquidations of New York State-chartered banks and state-licensed offices of non-U.S. banks, and the New York Banking law on the licensing and supervision of the U.S. offices of non-U.S. banks
    • Extensive experience in bank liquidation matters, having assisted in the liquidation of the New York office of a major international bank and the liquidation of an uninsured "banker's bank" for the thrift industry, as day-to-day legal liaison between the New York State Banking Department and those conducting the liquidation, and supervisor of outside counsel and other consultants
    • Represented the receiver of a failed New York bank, who under unique circumstances had been appointed to that position by the New York Superintendent of Banks
  • Admissions
    • District of Columbia State Bar
    • New York State Bar License
  • Rankings and recognitions
    • Chambers USA, Nationwide:  Financial Services Regulation: Banking (Compliance), Chambers & Partners, 2014-2017
    • New York Metro Super Lawyers, banking, Thomson Reuters, 2007, 2009 - 2011, 2014 - 2017
    • Chambers Global, Latin America-wide: banking & finance, Chambers & Partners, 2012
    • Chambers Latin America, banking & finance, Chambers & Partners, 2012
  • Publications

    Kathleen routinely contributes to the Financial Services: Regulation Tomorrow blog, which provides insight and commentary on the global financial regulatory environment. Since 2005, she has written a bi-monthly column for the New York Law Journal on International Banking.

    Other recent publications:

    New York Law Journal recent columns:

  • Speaking engagements

    Kathy was an adjunct professor at the New York Law School and co-taught a seminar on The Bank Holding Company Act. She is also a frequent CLE presenter for Lawline and the National Academy of Continuing Legal Education on bank regulatory issues.

    Her recent presentations include:

    • Co-Presenter, "Blockchain and Smart Contracts: An Introduction," Marsh USA web seminar, July 27, 2017
    • Panelist, "Government by Executive  Order and Presidential Memoranda," Norton Rose Fulbright's Financial services 40-minute briefings, March 2, 2017
    • Panelist, "Fintech: Smart contracts and regulating for innovation," Norton Rose Fulbright's Financial services 40-minute briefings, January 5, 2017
    • Panelist, "Compliance 2016: Hot Button Regulatory Issues and Enforcement Actions," New York Bankers Association 2016 Financial Services Forum, October 18, 2016
    • Panelist, "Virtual Currency & Cryptocurrency Issues," New York State Bar Association Business Law Section Fall Meeting, Tarrytown, New York, October 3, 2015
    • Speaker, U.S. bank regulatory matters, Annual Australian Financial Institution Symposium, Sydney, May 4-6, 2015
    • "Entry into the U.S. Market by Non-U.S. Banks: 2014 Update," Lawline, New York, May 19, 2014
    • "Introduction to Banking Law: 2014 Update," Lawline, New York, May 19, 2014
  • Memberships and activities
    • New York State Bar Association - Banking Law Committee, chair (2013-2016)
    • New York State Bar Association - Business Law Section, First Vice Chair
    • American Bar Association - Banking Law Committee, member
    • New York City Bar Association - Banking Law Committee, chair (2006 -2009)
    • New York Appleseed, Board of Directors, chairperson (2016-present)
    • ARIVA - Board of Directors, chairperson (2013 - present)
  • Videos

    Preparing for the US Volker rules

    April 2014

    Preparing for the US prudential standards rules

    April 2014

  • Publications

    EU v US intermediate financial holding company regimes

    On 23 November 2016, the European Commission published draft legislative proposals to amend key pieces of the EU’s banking and resolution regimes covering the Fourth Capital Requirements Directive (CRD IV)1, Capital Requirements Regulation (CRR)2, Bank Recovery and Resolution Directive (BRRD)3and the Single Resolution Mechanism Regulation..

    February 21, 2017

  • News