What lessons can be learned from Guernsey and Jersey's recent public statements and fines?
13/11/2024
Engaging in regulated business activities involves significant reputational and financial risks, necessitating strict compliance with the regulatory frameworks in both jurisdictions.
- The GFSC's recent public statements regarding Trident Trust Company, Equiom (Guernsey) Limited, and Zedra Trust Company indicate substantial financial penalties imposed on these firms, ranging from £90,000 to £455,000, with individual fines varying from £15,000 to £63,000 for failures to comply with regulatory requirements.
- The JFSC also issued a public statement regarding Belasko Jersey Limited and Jersey Post Limited. Belasko was issued a financial penalty of £19,000 for negligent contraventions of the Codes of Practice for Trust Company Business and the JFSC AML/CTF/CPF Handbook. Despite breaching the codes of practice for MSBs and the JFSC AML/CTF/CPF Handbook, Jersey Post was fined zero pounds.
Both regulatory bodies are committed to protecting the reputations of their respective jurisdictions as international finance centres. To address misconduct, they employ a range of enforcement tools.
The key takeaway is the necessity for effective governance, risk management, and proactive engagement with regulatory authorities.
Source:
- Equiom (Guernsey) Limited - GFSC. https://www.gfsc.gg/news/equiom-guernsey-limited.
- GFSC issues fines totalling £431,900.00 along with prohibitions on x3 .... https://www.comsuregroup.com/news/gfsc-issues-fines-totalling-431-90000-along-with-prohibitions-on-x3-officers-holding-a-supervised-role/.
- Public Statements - GFSC. https://www.gfsc.gg/commission/enforcement/public-statements.
- Belasko Jersey Limited — Jersey Financial Services Commission. https://www.jerseyfsc.org/news-and-events/belasko-jersey-limited/.
- On 20 September 2024, the JFSC fined Belasko Jersey Limited £19,211.73. https://www.comsuregroup.com/news/on-20-september-2024-the-jfsc-fined-belasko-jersey-limited-19-21173/.
- Public Statement P - jerseyfsc.org. https://www.jerseyfsc.org/news-and-events/jfsc-issues-public-statement-regarding-jersey-post-limited-for-serious-regulatory-contraventions/
- https://www.jerseyfsc.org/news-and-events/jersey-post-limited/
- https://www.bailiwickexpress.com/jsy/news/jersey-post-receive-public-slap-wrist-jfsc-serious-regulatory-breaches/
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.