Three Jersey firms owned by French multinational bank fined €827,000 for AML breaches - AML Intelligence
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Three Jersey firms owned by French multinational bank fined €827,000 for AML breaches

The JFSC noted that the firms had inadequate monitoring of controls to prevent money laundering and financing of terrorism which could damage the reputation of the Island’s finance sector.

By Vish Gain for AMLi

THREE FIRMS in Jersey owned by a French multinational bank have been fined £719,000 (€827,000) by the island’s financial watchdog for breaches in anti-money laundering rules.

The three firms, all owned by SG Kleinwort Hambros, made a series of AML and CFT compliance breaches between January 2018 and May 2018 according to a public statement by the Jersey Financial Services Commission (JFSC), the British Crown Dependency’s top financial regulator.

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