Guernsey regulator slaps £105,000 fine on Louvre Trust

Pedro Gonçalves
clock • 1 min read

The Guernsey Financial Services Commission (GFSC) has fined Louvre Trust over a series of failures that exposed the local trust firm and the Bailiwick to a significant risk of financial crime. The watchdog found that Louvre Trust (Guernsey) Ltd frequently failed to obtain adequate due diligence on client business relationships and failed to maintain adequate records. "Through its systemic failings the Licensee had potentially enabled specific structures that it administered to be involved in money laundering or terrorist financing, " the regulator said. "The potential to facilitate...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login